BlackRock’s Fink – Bitcoin Could Become “Great Asset Class”
Key Takeaways
• Larry Fink, BlackRock’s CEO, says he is watching bitcoin and is “fascinated” by it.
• Mr. Fink expects the bitcoin trend to continue growing to “a great asset class”.
An Outright Skeptic Shifts Perspective on Cryptos
Larry Fink, the CEO of BlackRock, the world’s largest asset manager, thinks Bitcoin and other cryptocurrencies have a bright future ahead. Larry Fink has been an outspoken skeptic of bitcoin and its properties. Now, he has shifted his perspective on the digital asset and praises the emerging cryptocurrency market as a potential “great asset class”.
“I’m still fascinated about Bitcoin and encouraged by how many people are focusing on it,” Mr. Fink said in a recent interview with CNBC. “I’m encouraged about the narrative, it may become a great asset class and I do believe this could become a great asset class—cryptocurrency.”
Larry Fink went on to say that he does not see cryptocurrencies becoming a substitute for fiat currencies. However, he believes that “we’re going to have cryptocurrencies of dollars, cryptocurrencies of other currencies.”
What Does This Mean For The Crypto Industry?
Mr. Fink’s newly established support for the digital asset is a drastic change of heart. In 2017, the billionaire investor, worth more than $1bn, called bitcoin “an index for money laundering”. “Bitcoin just shows you how much demand for money laundering there is in the world, that’s all it is,” BlackRock’s CEO said in October, 2017. The outright dismissive stance towards bitcoin then was made when the digital asset was trading at an all-time high of $5,800 and had advanced 470% for the year.
BlackRock is an investment firm managing over $9tn in assets across the globe. The money manager has been warming up to crypto assets this year. The firm announced in March, by a filing with the SEC, it had bought 37 bitcoin futures in January and had sold them at a profit. On that note, Mr. Fink also said in the interview he continues “watching bitcoin”. “We are investing in it, we’re studying it, we’ve made money on it,” BlackRock’s CEO said.
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