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During an interview with Fox Business on Wednesday, BlackRock CEO Larry Fink expressed his belief that cryptocurrency, particularly bitcoin (BTC), has the potential to revolutionize the financial system.
“We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance,” he said. Previously known to be a skeptic of crypto, Fink years ago suggested fans of the asset class heavily used it for “illicit activities.”
Fink continued: “Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”
On June 16, BlackRock's iShares division submitted documents to the U.S. Securities and Exchange Commission (SEC) for the approval of a spot bitcoin exchange-traded fund (ETF). Although BlackRock has a nearly flawless history of obtaining SEC approval for ETFs, CEO Larry Fink was unable to provide a timeline for when a decision on the bitcoin ETF could be anticipated.
“We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out.”
Despite the CEO of the $8.5 trillion asset manager expressing optimistic views, the price of bitcoin remains largely unaffected, trading at just below $30,500 without much change.
