BlackRock CEO Larry Fink Expresses Pro-Crypto Stance
Larry Fink, the CEO of BlackRock, has expressed a positive view of the crypto space while the asset manager is in the process of applying to list a spot Bitcoin exchange-traded fund (ETF) in the United States.
Fink recently appeared on Fox Business and claimed that cryptocurrency was largely “digitizing gold,” emphasizing the potential of an ETF that is directly linked to Bitcoin (BTC). During his tenure at BlackRock, Fink has made a number of comments on major events that have impacted the crypto world, including the collapse of FTX in 2022 and the growing interest in BTC.
“Let’s be clear: Bitcoin is an international asset,” Fink stated. “It’s not based on any one currency, and so it can serve as an alternative for investors looking to hedge against inflation or the devaluation of certain currencies.”
As the leader of the world’s largest asset management firm, with more than $9 trillion in assets under management as of April, Fink’s pro-crypto remarks may have a significant impact both inside and outside the crypto space.
Many crypto users on social media reacted positively to Fink’s interview, with at least one suggesting his words could cause the price of certain assets to surge in what the user called the “Fink Pump.” At the time of publication, the BTC price was $30,473, having dropped by roughly 1% in the previous 24 hours.
Under Fink, BlackRock has attempted to launch a spot BTC ETF with cryptocurrency exchange Coinbase acting as a surveillance partner. It’s unclear if the Securities and Exchange Commission will approve the investment vehicle, given its track record of rejecting all previously filed spot BTC ETF applications to date. Voyager Crypto, Crypto.com, and other crypto currency-related companies have been keeping a close eye on the situation.
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