- BlackRock CEO Larry Fink has talked up Bitcoin in an interview with Fox Business
- Fink called Bitcoin an “international asset” that is a viable alternative to gold
- The CEO added that he has overcome his initial skepticism
BlackRock CEO Larry Fink said yesterday that Bitcoin is an “international asset” that could act as a hedge against inflation. Speaking with Fox Business, Fink suggested that investors see Bitcoin as an alternative to gold and claimed that cryptocurrency plays a role in digitizing the concept of gold in various ways. Finks’ words follow BlackRock’s recent application to offer a spot Bitcoin ETF, reflecting the company’s growing interest in cryptocurrencies.
Bitcoin Can Be Gold Alternative
In a much-anticipated interview, Fink said, “Bitcoin is an international asset—it’s not based on any one currency—so it can represent an asset that people can play as an alternative,” talking up its ability to act as an investment different from all the others currently out there.
The CEO also emphasized the firm’s aim to democratize the crypto space and make it more accessible and cost-effective for investors, while admitting that his opinion of crypto has changed from initial skepticism over its use for illegal purchases to a more legitimate industry.
BlackRock Leaning on Reputation for ETF
In relation to the ETF application, Fink highlighted BlackRock’s history of collaborating closely with regulators on ETF applications and expressed hope that its successful track record would contribute to the approval of its Bitcoin ETF application which it lodged last month.
Five applications have come in since BlackRock’s, including one from fellow asset giant Fidelity, and although BlackRock’s is third in the queue to be ruled on many believe it has the best chance of success.
