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BlackRock CEO: Crypto Will ‘Surpass Any Currency’

BlackRock CEO: Crypto Will 'Surpass Any Currency'

The boss of the largest asset manager in the world, BlackRock, praised Bitcoin (BTC) yesterday.

‘Crypto is an international asset’

BlackRock boss Larry Fink has strengthened his bullish stance on cryptocurrency as an investment, saying “it will transcend any currency.”

The CEO of the world’s largest asset manager said in an interview with CNBC on Friday that he couldn’t talk specifically about Bitcoin because BlackRock had filed with the U.S. Securities and Exchange Commission for a Bitcoin ETF on the spot market. However, he said the crypto “has a differentiating value from other asset classes.”

BlackRock, which manages approximately $9.5 trillion in assets, filed with the SEC last month for a Bitcoin exchange-traded fund (ETF) on the spot market. This led institutional investors to pour money into the crypto space, propelling the value of the asset to a 12-month high.

“We believe we have a responsibility to democratize investing,” he said of ETFs. “Over the past five years, more and more international investors have been asking us about the role of crypto – and as I said, I think a lot of crypto is an international asset.”

“More importantly, because it is so international, it will outperform any currency in currency valuation,” he continued. Fink added that an “international crypto product” could “surpass” the problem of dollar devaluation.

What is a Spot Bitcoin ETF?

A spot Bitcoin ETF would give institutional investors access to Bitcoin without having to deal with complex storage issues. This could mean more money flowing into the market if an ETF is ever approved.

ETFs are popular investment tools that allow people to buy stocks that track the value of an underlying asset such as gold, foreign exchange or cryptocurrency.

A spot Bitcoin ETF does not yet exist in the US, but a number of high-profile investment firms have filed for one with the SEC. However, the SEC was hesitant to approve such a product, citing market manipulation as one of the concerns.

Larry Fink updated on crypto

Last week, billionaire Fink said crypto’s role is to “digitize gold.” He also said that Bitcoin was an “international asset”.

However, in 2017 said he added that “Bitcoin just shows you how much money laundering demand there is in the world.” Finally, he changed his stance over the years and later claimed that it was actually a great asset.

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