BlackRock CEO Larry Fink says interest in cryptocurrencies is global and predicts that spot bitcoin ETFs will reduce investment costs
BlackRock CEO Larry Fink says global interest in cryptocurrencies is growing and a spot bitcoin (BTC) exchange-traded fund (ETF) could reduce investment costs.
In a new interview with CNBC’s Squawk on the Street, Fink says a bitcoin ETF would likely do the same for the cryptocurrency king, much like gold ETFs lowered the cost of investing in the precious metal.
He says a bitcoin ETF would also bring the king cryptocurrency to a broader investor base as global demand for crypto investing increases.
One reason for the growing interest, according to Fink, is the belief that cryptocurrencies can serve as a hedge against the devaluation of fiat currencies like the US dollar.
“We have a responsibility to democratize investing. And we’ve done a great job. And the role of ETFs in the world is changing investing. And I think we’re just getting started…
And now, with crypto, the idea of democratizing that role. Transaction costs are currently quite high. We’re talking about points, not decimals. And that is also an important point. Over the past five years, more and more global investors are asking us about the role of cryptocurrencies, and as I said before, I believe that many cryptocurrencies… it’s an international asset. It has differentiating value from other asset classes, but more importantly, because it’s so international, it will transcend any single currency and currency valuation.
If you just look at the value of our dollar as it has depreciated over the last two months and over the last five years, an international crypto product can really beat that. And that’s why we think there are big opportunities, and that’s why we’re seeing more and more interest. And that interest is widespread around the world.”
BlackRock applied to the U.S. Securities and Exchange Commission for a spot bitcoin ETF on June 15, but has not yet approved one.
says finch
“We are working with our regulators because, as in any new market, we want to ensure that the BlackRock name is safe and secure when it’s on it.”
Bitcoin is trading at $31,236 at the time of writing, up 1.2% over the past 24 hours.
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