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Larry Fink on Bitcoin: I’m a big believer

As CEO of Blackrock, the world’s largest asset manager, Larry Fink has become an “ardent believer” in bitcoin, emphasizing that it is “bigger than any government.” As for the cryptocurrency, the executive emphasized: “Unlike gold, where we manufacture new gold, we are almost at the limit of how much bitcoin is possible to create.” He also believes Ethereum exchange-traded funds (ETFs) would be a beneficial development.).

In an interview with CNBC and Fox Business Friday, Blackrock CEO Larry Fink discussed bitcoin, crypto, and spot bitcoin exchange-traded funds (ETFs). Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), got approved by the US Securities and Exchange Commission (SEC) last week.

As Fink explained bitcoin to Fox Business: “If you’re afraid of the future, scared of your government, or afraid your government is devaluing its currency because of too many deficits, this is a great long-term store of value.” Think digital gold.” Fink said.

According to Fink, bitcoin’s price will rise because of his predictions. “I believe it rises as the world becomes more frightened. In the absence of geopolitical risks, people are afraid of their own risks. And unlike gold, where new gold is generated, we are almost at the maximum amount of bitcoin that can be created.”

Having been a “naysayer” three years ago, Fink confessed: “About two years ago, I switched, and now I’m a big believer.” Stressing that bitcoin is an asset class, Fink continued:

In response to Blackrock’s spot bitcoin ETF, Fink said: “To me, what we’re trying to do is create an instrument that can store wealth.” About whether the SEC will approve spot ethereum ETFs now that it has approved spot bitcoin ETFs, Fink said:

If you have a tokenized security and a tokenized identity, whenever you buy or sell an instrument, it’s on a general ledger that’s all synced up. The tokenized system eliminates all corruption when it comes to issues like money laundering and all that,” Fink said.

"This is an international ledger that's cross-border. It's bigger than the government."
Larry Fink, CEO of Blackrock

In an interview with CNBC and Fox Business Friday, Blackrock CEO Larry Fink discussed bitcoin, crypto, and spot bitcoin exchange-traded funds (ETFs). Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), got approved by the US Securities and Exchange Commission (SEC) last week.

As Fink explained bitcoin to Fox Business: “If you’re afraid of the future, scared of your government, or afraid your government is devaluing its currency because of too many deficits, this is a great long-term store of value.” Think digital gold.” Fink said.

According to Fink, bitcoin’s price will rise because of his predictions. “I believe it rises as the world becomes more frightened. In the absence of geopolitical risks, people are afraid of their own risks. And unlike gold, where new gold is generated, we are almost at the maximum amount of bitcoin that can be created.”

Having been a “naysayer” three years ago, Fink confessed: “About two years ago, I switched, and now I’m a big believer. Fink continued: ” bitcoin is an asset class”

In response to Blackrock’s spot bitcoin ETF, Fink said: “To me, what we’re trying to do is create an instrument that can store wealth.” About whether the SEC will approve spot ethereum ETFs now that it has approved spot bitcoin ETFs, Fink said:

If you have a tokenized security and a tokenized identity, whenever you buy or sell an instrument, it’s on a general ledger that’s all synced up. The tokenized system eliminates all corruption when it comes to issues like money laundering and all that,” Fink said.

 

"I see value in having an Ethereum ETF."
Larry Fink, CEO of Blackrock

TAGS IN THIS STORY

Blackrock, Crypto, Cryptocurrency, Larry Fink, spot bitcoin ETFs, spot crypto ETFs, spot ethereum etf

Image Credits: Shutterstock & Blackrock

 

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Written By:
Penny Sommerfeld
penny@recruitblock.io