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BlackRock CEO: Crypto like bitcoin can transcend national currencies

BlackRock CEO: Crypto like bitcoin can transcend national currencies

The crypto industry has been going through a remarkable turnaround in the past few weeks leading the market to believe that the bull market has officially begun.

Adoption seems to be growing again, and none other than BlackRock CEO Larry Fink confirms this picture. He thinks cryptocurrencies like bitcoin could surpass the market value of national currencies.

Bitcoin worth more than fiat currency

He stated that in a interview with CNBC. BlackRock is the world’s largest asset manager, so a positive attitude towards crypto can do a lot of good for the crypto industry.

More and more investors are asking us about the role of crypto. I see crypto as an international asset and it has a different kind of (added) value compared to other asset classes.

Because it is so international, it will exceed the value of national currency. Just look at how much the dollar has depreciated in the past two months versus how much (the dollar) has risen in the past five years,” Fink said.

The idea that crypto will take over the value of entire national currencies is not new. In fact, some coins have already done this.

For example, the total market value of BTC according to a ranking of CoinMarketCap already larger than the Singapore dollar (SGD), the Vietnamese dong (VND) and the Indonesian rupee (IDR). Ethereum (ETH) is already larger than the Colombian peso (COP) and the Moroccan dirham (MAD).

BlackRock wants bitcoin exchange fund

Presumably, Fink believes that crypto will eventually also surpass the market value of the largest national currencies, including the dollar and the euro. BlackRock manages according to the latest figures $9.4 trillion — that’s $9400 billion.

Even if investors put only a small portion of this money into crypto via BlackRock, it could be very beneficial for the industry. That is exactly what seems to be happening, in June it applied for a so-called spot bitcoin ETF with the American stock exchange watchdog.

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