Crypto will overtake international currencies – BlackRock CEO

BlackRock CEO Larry Fink has made new comments supporting cryptocurrencies’ role in democratizing investments around the world, pointing to growing interest among the company’s clients in digital assets.

“More and More of Our Global Investors Are Asking Us About Crypto,” Fink Said During an interview with CNBC’s ‘Squawk on the Street’ on July 14. BlackRock is the world’s largest asset manager, with over $8 trillion in assets across all types of investment products.

In Fink’s view, cryptocurrencies have “different value than other asset classes” in diversifying portfolios. “(…) It is so international that it will outpace any single currency,” the executive said.

Despite Fink’s pro-crypto comments during the interview, he declined to comment on BlackRock’s application for a spot bitcoin exchange-traded fund (ETF) in the United States, as the filing is still pending with the Securities and Exchange Commission (SEC). pending with

“We’re working with our regulators because, like any new market, if BlackRock’s name is going to be in it, we’re going to make sure it’s safe and sound and protected,” Fink said.

Several applications to list BTC ETFs on the spot market have been rejected by the SEC over the years. However, BlackRock’s filing has raised fresh hopes of an imminent approval, given the asset manager’s stupendous success in getting the ETF approved. According to Eric Balchunas and James Seifert of Bloomberg Intelligence, BlackRock has filed For 550 ETF applications and only once have been rejected.

“We believe we have a responsibility to democratize investing. We have done a great job and the role of ETFs in the world is changing the way investments are made. And we’re just at the beginning of that,” Fink said in the interview.

BlackRock’s application has been followed by several refillings for similar ETF products in the United States. Asset managers in line to get the go-ahead include Fidelity, Bitwise, 21Shares, WisdomTree and Investco, among others.

While US money managers await the SEC’s decision, Europe’s first spot bitcoin ETF will be launched later this year by London-based firm Jacobi Asset Management. The product was supposed to launch in 2022 but was postponed due to the slowing market. According to Jacobi, demand has been slowly turning around since last year.

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