BlackRock CEO: Cryptocurrencies Play a Role in Investments Democratization
BlackRock CEO Larry Fink has addressed in an interview with CNBC the company’s mission to create accessible products for investors by announcing its entry into the cryptocurrency market.
He has highlighted the company’s progress in making ETFs more global, calling it “the beginning of the journey.”
On June 15, BlackRock submitted a document to the US Securities and Exchange Commission (SEC) for a Bitcoin spot fund, which was possibly followed by similar requests from Valkyrie, Fidelity Investments, WisdomTree, and Invesco.
All requests have since been accepted by the SEC for consideration, however, no Bitcoin-based ETF approval has been granted yet.
In 2017, Fink had a more critical opinion about Bitcoin, calling it a “money laundering index,” yet by 2022, the company, in cooperation with Coinbase, opened access to digital assets for investors.
According to Circle CEO and co-founder Jeremy Allaire, he believes this slew of applications for Bitcoin ETFs will potentially lead to SEC approval.
Fink, in his discussion with the SEC, declined to elaborate due to agency rules.
He continued to explain the necessity for crypto investments to diversify one’s portfolio, claiming that Bitcoin is an international asset more superior to a fiat currency and provides protection against inflation.
