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BlackRock CEO bullish on Bitcoin, calls it an international asset
BlackRock CEO Larry Fink's endorsement of Bitcoin as an 'international asset' can significantly affect the crypto market and potential mainstream adoption
BlackRock CEO Larry Fink; Image: Hollie Adams/Bloomberg via Getty Images
The BlackRock CEO Larry Fink has expressed bullish sentiments towards crypto, specifically Bitcoin, as the asset manager reapplies to list a spot Bitcoin exchange-traded fund (ETF) in the United States. Fink's remarks came during an interview on July 5, where he highlighted the role of crypto in digitising gold and urged U.S. regulators to consider the potential democratisation of finance through a Bitcoin-linked ETF.
Describing Bitcoin as an "international asset," Fink emphasised its independence from any single currency, making it an attractive alternative for investors. He suggested that Bitcoin could hedge against inflation or the devaluation of certain currencies. As the CEO of BlackRock, the world's largest asset management firm with over $9 trillion in assets under management, Fink's endorsement of cryptos could have significant implications for the industry.
Fink's remarks were met with positive reactions from crypto users on social media, with some speculating that his statements could trigger a surge in asset prices, dubbing it the "Fink Pump."
BlackRock has been actively pursuing the launch of a spot Bitcoin ETF, partnering with crypto exchange Coinbase as a surveillance partner. It remains to be seen whether the Securities and Exchange Commission (SEC) will approve the investment vehicle, as it has previously rejected all spot Bitcoin ETF applications.
The potential approval of a Bitcoin ETF by the SEC and the support of industry giants like BlackRock could have a transformative impact on the crypto market. A Bitcoin ETF would provide institutional investors with a regulated and accessible avenue to invest in Bitcoin, potentially driving further adoption and mainstream acceptance of cryptos.
Fink's position as the CEO of a prominent financial institution gives weight to his statements, potentially influencing both market participants and regulators. The increasing interest in cryptos among traditional financial institutions underscores the changing landscape and the growing acknowledgement of the potential of digital assets.
The future trajectory of the crypto market will heavily depend on regulatory developments and institutional involvement as it continues to mature.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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