Larry Fink, the CEO of BlackRock, has made bullish comments on cryptocurrencies as his company looks to gain approval for a spot Bitcoin ($BTC) exchange-traded fund (ETF) listing in the United States.
As the CEO of BlackRock, Fink holds a prominent position in the financial industry. Previously, he has commented on the industry, pointing to the growing interesting investors have in Bitcoin and cryptocurrencies. In April, BlackRock broke the milestone of managing over $9 trillion in assets and the firm’s leader holding a positive stance for cryptocurrency could have a significant impact in the broader financial industry.
During an interview on Fox Business, Fink stated that cryptocurrency’s primary role is similar to creating digital gold, indicating to investors that the position of a Bitcoin-backed ETF could play in democratising finance. Fink also highlighted Bitcoin’s investment opportunities as a hedge asset against inflation in fiat currency.
“Let’s be clear: Bitcoin is an international asset. It’s not based on any one currency, and so it can represent an asset that people can play as an alternative.”
#Bitcoin is an International Asset. – Larry Fink, BlackRock CEO pic.twitter.com/WIVKITXYPj
— Michael Saylor⚡️ (@saylor) July 5, 2023
Fink’s Bitcoin advocacy
Since the interview, the cryptocurrency community has responded well to Fink’s comments. Without “shilling” Bitcoin, Fink is advocating how much of an investment potential a Bitcoin ETF could play in linking traditional finance to cryptocurrency.
Larry Fink is in a completely different league than anyone who has been shilling #bitcoin in the the last decade.
The “Fink Pump” will be legendary. https://t.co/ehYDBLV5yG
— Bitcoin Munger (@bitcoinmunger) July 5, 2023
BlackRock has been working hard to be the first to launch a Bitcoin ETF in the United States, competing against other leading financial firms in the country including ARK Invest, Valkyrie, Invesco, and Fidelity. Alongside Coinbase, BlackRock is seeking acceptance from the Securities and Exchange Commission (SEC) which has rejected all ETF applications filed so far.