Crypto Global

BlackRock CEO: Crypto Will 'Transcend Any One Currency'

Jul 21, 2023

Larry Fink once again expressed his opinion on digital assets after speaking positively about Bitcoin and Co. in an interview with Fox Business.

BlackRock CEO Larry Fink has strengthened his optimistic position on cryptocurrency as an investment, asserting today that "it's going to transcend any one currency."

“More importantly, because it’s so international, it’s going to transcend any one currency in currency valuation,” he elaborated, emphasizing that an "international crypto product" has the potential to overcome the issue of dollar devaluation.

The fact that the CEO of the world's largest wealth manager is coming out as a crypto advocate may have come as a surprise to some. However, in 2017, he expressed, "Bitcoin just shows you how much demand for money laundering there is in the world." His perspective evolved over time, eventually acknowledging it as a "great asset."

Presently, Fink's stance on cryptocurrencies at BlackRock has taken a significant turn. Recently, the company made a significant move in the crypto industry by filing with the US Securities and Exchange Commission for a Bitcoin spot ETF. Following BlackRock's lead, other major asset managers, including Fidelity and Ark Invest, have also stepped into the cryptocurrency space.

At first, the US Securities and Exchange Commission (SEC) declined the applications from BlackRock and other asset managers. Nevertheless, they resubmitted their applications, and currently, the SEC's decision is still pending.

“We believe we have a responsibility to democratize investing,” he said regarding ETFs. "We are working with our regulators because, as in any new market, if Blackrock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected."