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Monday, July 15, 2024

BlackRock CEO Larry Fink Says Bitcoin Is An International Asset

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BlackRock, the world’s largest asset manager with nearly $9 trillion in assets under management, has made significant strides toward embracing bitcoin, as indicated by its recent filing for a spot bitcoin exchange-traded fund. The company’s decision to take steps to offer its clients exposure to the digital asset are likely to bring a surge of institutional adoption to the space.

The company also recently resubmitted their filing after the SEC responded that the initial filings required more information in regards to the exchange’s involved, subsequently adding Coinbase to the filing, as other firms refiling did.

And now, BlackRock’s CEO, Larry Fink, has made an appearance on Fox Business where he stated that the role of bitcoin and crypto is “digitizing gold.” 

“Instead of investing in gold as a hedge against inflation … or the devaluation of your currency … [bitcoin] can represent an asset that people can play as an alternative,” Fink stated. The description reinforces the perception of bitcoin as a store of value, akin to the role gold has traditionally played in investment portfolios. By likening bitcoin to gold, Fink acknowledges the international nature of the digital asset, highlighting its potential as a global store of wealth — and indeed, during his news appearance, Fink further emphasized that, “Bitcoin is an international asset.” 

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The televised statement underscores the conviction Fink, and likely BlackRock, have in bitcoin and its potential role in the future. Fink’s recognition of bitcoin’s international appeal further bolsters the case for increased institutional interest and investment.

BlackRock’s pursuit of a Bitcoin ETF and Fink’s endorsement of bitcoin as digitized gold reflect a notable shift in the attitude of major financial institutions toward bitcoin. These developments suggest that BlackRock, along with other industry giants, recognizes the potential of bitcoin to reshape the financial landscape. 

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