Main navigation

BlackRock CEO Says Crypto Could Become "Great Asset Class"

News
Thu, 04/15/2021 - 14:16
article image
Alex Dovbnya
BlackRock's Larry Fink sees crypto becoming a great asset class, but he does not believe it will substitute for fiat currencies
BlackRock CEO Says Crypto Could Become "Great Asset Class"
Cover image via www.blackrock.com
Read U.TODAY on
Google News

During his Thursday appearance on CNBC's "Squawk Box," BlackRock CEO Larry Fink opined that cryptocurrencies could morph into "a great asset class."

I'm still fascinated about it. I'm encouraged by how many people are focusing on it. I'm encouraged by the narrative. It may become a great asset class.

Yet, he does not think that digital assets could serve as a substitute for government-issued currencies.

Back in December, Fink said that crypto could evolve into a global market and threaten the U.S. Dollar.

Related
TIME Magazine to Hold Bitcoin on Its Balance Sheet

Not many conversations

Despite crypto finally marching into the mainstream, Fink claims that his company does not receive many inquiries into crypto:

We are studying it. We've made money on it, but I'm not here to tell you that we are seeing broad-based interest from institutions worldwide.

Other than "fascination," BlackRock has had very few conversations about cryptocurrencies, according to Fink.

BlackRock—the largest asset management firm in the world—started trading Bitcoin futures earlier this year, according to its regulatory filing.

As reported by U.Today, it filed to gain exposure to Bitcoin through two of its funds in January.

BlackRock's move into crypto was widely expected after Rick Rieder, its chief investment officer, predicted that Bitcoin could "take the place" of gold in November.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.