Blackrock CEO Calls Bitcoin Digitised Gold ; Market Bulls Rejoice
•Blackrock CEO Larry Fink declared Bitcoin an “international asset”.
•Blackrock is working closely with regulators to get a Spot Bitcoin ETF approved.
•Bitcoin prices rose on the news, and the bull market appears to be just beginning.
Blackrock CEO Declares Bitcoin an International Asset
Larry Fink, CEO of Blackrock, the largest asset management company in the world with more than nine trillion dollars in assets under management, was interviewed on Fox Business Network last night and gave no doubt at all as to his view that Bitcoin was an “international asset” and that it was “digitising gold”. This is a 180 degree turn around from someone who back in 2017 said that bitcoin was an “index of money laundering”.
Working Closely With Regulators
The Fox Business Network interviewer referred to Blackrock’s 575/1 batting average of getting its ETFs accepted by the regulators. With this record it might be imagined that Blackrock’s filing for a Spot Bitcoin ETF cannot be too far from a foregone conclusion. Fink stated that they are working very closely with their regulators and if any particular issues arise while filing for approval, they would work around them in order to „get the filing approved one day“.
Tokenization of Assets & Democratizing Crypto
Fink believes in „digitizing products“ and sees the future as tokenisation of assets and securities which would lead to a revolution in finance. He wants to „democratize crypto“ and make it „much cheaper for investors“. He said that bitcoin can be held as a hedge against inflation, or against any particular currency devaluation since its not based on any one currency specifically. Therefore people can use it as an alternative investment option.
Bitcoin Prices Rise On News
After two days of red price action, bitcoin prices rose 1% today after Fink’s statements last night were taken seriously by the market. With bitcoin only just below $31000 level, this could imply that the bull market is just beginning for cryptocurrency investments.
Larry Fink’s statements have created certainty amongst cryptocurrency investors about potential returns from investing in digital currencies like Bitcoin, leading to positive price action today despite some previous losses over 2 days prior to his interview on Fox Business Network last night. It remains unclear when BlackRock will get its filing approved but cryptocurrencies are certainly becoming more mainstream everyday!