BlackRock CEO: “Bitcoin will transcend any currency”

Larry Fink Bitcoin ETF
Key facts:
  • This statement comes a month after filing with the SEC to launch a Bitcoin spot ETF.
  • BlackRock has 575 ETF applications approved and only 1 rejected.

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Larry Fink, the CEO of asset management firm BlackRock, said today, July 14, that “the role of ETFs in the world is transforming investing.” “And we’re only at the beginning of that,” he added.

These comments were made during an interview on CNBC’s ‘Squawk on the Street’ show. And it happens a month after BlackRock filed with the United States Securities and Exchange Commission (SEC) an application to launch a bitcoin spot investment fund (ETF).

“We’re working with our regulators because, like any new market, if BlackRock’s name is going to be on it, we’re going to make sure it’s safe and sound,” Fink said in the interview.

The head of BlackRock deepened that the interest of their clients in the Bitcoin market and the high cost of transactions motivated them to enter this market. Likewise, he mentioned that cryptocurrencies can play a diversifying role in investors’ portfolios.

“It has a differentiating value compared to other asset classes, but most importantly, because it is so international that it will transcend any currency,” Fink highlighted. In this way, the CEO of BlackRock once again showed conviction for the promising future of Bitcoin, as he has been doing since the ETF request.

In the past, the SEC has rejected requests from other companies to launch spot bitcoin ETFs. It has only approved those that are based on cryptocurrency futures. For this reason, given this BlackRock initiative, market demand has grown, which pushed the price of BTC to USD 30,000-31,000, its highest for the year.  

As the Market Times reported, this is because BlackRock has great weight in the ETF market and a good track record with the SEC. It has got 575 ETF applications approved against just 1 rejected. And it is one of the largest investment managers in the world, with more than USD 9 trillion in assets under its administration, according to its report. released today.