Crypto Set to Transform Investing, BlackRock CEO Larry Fink Says

• BlackRock CEO Larry Fink has recently spoken on the growing interest in cryptocurrencies among global investors.
• He believes that crypto will “transcend any one currency” and can help diversify portfolios.
• Several money managers have applied for a Bitcoin ETF in the US, including BlackRock, but the filing is still pending with the Securities and Exchange Commission.

BlackRock CEO Larry Fink on Crypto

Larry Fink, CEO of BlackRock, one of the world’s largest asset managers with over $8 trillion in assets, recently spoke about the rising interest in cryptocurrencies among global investors.

Growing Interest in Crypto Assets

Fink stated that “more and more of our global investors are asking us about crypto” during an interview with CNBC’s Squawk on the Street on July 14th. He believes that cryptocurrencies have a “differentiating value versus other asset classes” which can help diversify portfolios. Additionally, he noted that crypto will “transcend any one currency”.

Pending Bitcoin ETF Applications

When asked about BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) pending with the SEC, Fink declined to comment but noted that if their name was attached to it then they would make sure it was “safe and sound and protected”. Other applicants include Fidelity, Bitwise, 21Shares, WisdomTree and Investco. Meanwhile, Europe is set to debut its first spot Bitcoin ETF later this year by London-based firm Jacobi Asset Management.

Democratizing Investing Worldwide

Fink highlighted his belief that his company has a responsibility to democratize investing worldwide stating: “We believe we have a responsibility to democratize investing. We’ve done a great job, and the role of ETFs in the world is transforming investing.”

Conclusion

Overall, though there is still no official decision from regulators regarding these applications yet there is certainly increasing enthusiasm around cryptocurrencies as evidenced by statements made by high profile executives like Larry Fink at BlackRock