BlackRock CEO Larry Fink has voiced his support for cryptocurrencies, noting their growing significance in democratizing investing worldwide. During an interview with CNBC, Fink revealed that an increasing number of BlackRock’s global investors are expressing interest in digital assets. With over $8 trillion in assets under management, BlackRock is the largest asset manager globally.
Fink believes that cryptocurrencies offer a unique value proposition compared to other asset classes, contributing to portfolio diversification. He emphasized the international nature of cryptocurrencies, stating that they have the potential to transcend any single currency.
While Fink expressed his positive stance on cryptocurrencies, he refrained from commenting on BlackRock’s application for a Bitcoin exchange-traded fund (ETF), as the filing is currently pending with the Securities and Exchange Commission (SEC). Fink stated that BlackRock is working closely with regulators to ensure the safety and security of any investment products associated with the company’s name.
The SEC has previously rejected multiple applications for a Bitcoin ETF, but hopes have been reignited with BlackRock’s filing, given the company’s successful track record with ETF approvals. Bloomberg Intelligence analysts have highlighted that BlackRock has filed 550 ETF applications and has only faced rejection once.
Fink emphasized BlackRock’s commitment to democratizing investing and transforming the role of ETFs in the world. The company’s application has prompted other asset managers, including Fidelity, Bitwise, 21Shares, WisdomTree, and Investco, to refile similar ETF products in the United States.
While awaiting the SEC’s decision, Europe is set to see its first spot Bitcoin ETF launch later this year by London-based firm Jacobi Asset Management. The product was initially planned for a 2022 launch but was postponed due to market conditions. Jacobi reported a gradual shift in demand since last year.
