The CEO of BlackRock, the world’s largest investment company, spoke about Bitcoin in a television program. BlackRock executive Larry Fink highlighted the similarities between Bitcoin and gold, saying that the cryptocurrency is the “digital version” of gold. The famous CEO, who was cautious about digital assets in the past, has changed his mind today.
BlackRock CEO highlighted the beneficial aspects of crypto assets during his interview. Fink emphasized that with cryptocurrencies, transaction costs will decrease and investors’ profits will increase. Larry Fink believes that the more mainstream cryptocurrencies will facilitate access to the financial market.
Fink also explained the reason for his cold attitude towards cryptocurrencies in the first place. The BlackRock executive thought that cryptocurrencies were largely used for illegal activities at that time. However, he later changed his mind and started to see Bitcoin as a hedge against inflation and as a global asset that is not tied to any currency.
While Larry Fink is still skeptical of blockchain, he is happy with the technology’s claim to increase transaction speed. However, according to the executive, it is still too early for cryptocurrencies to go mainstream.
Will SEC Accept BlackRock’s ETF Application?
Bitcoin has performed spectacularly, gaining 83% since the beginning of 2023. Much of this rise came after BlackRock filed for a spot Bitcoin Trust ETF in June.
It is a question of how the SEC will respond to BlackRock, which has rejected all spot Bitcoin ETF applications in the past. The Securities and Exchange Commission has not accepted just one of the company’s 576 applications to date.
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