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BlackRock CEO Optimistic About Growing Demand For Cryptocurrencies Among Gold Investors

Larry Fink cites potential for crypto to transcend currency fluctuations and highlights broad-based global interest.

BlackRock (NASDAQ:BLK) CEO Larry Fink on Saturday expressed optimism about the growing demand for cryptocurrencies like Bitcoin (CRYPTO: BTC) among gold investors. 

During an interview on CNBC, Fink said that an increasing number of gold investors enquired about the role of crypto over the past five years, noting the potential for exchange-traded funds (ETFs) to democratize access to both gold and crypto.

“If you look at the value of our dollar, how it depreciated in the last two months and how much it appreciated over the last five years … an international crypto product can really transcend that. That’s why we believe there’s great opportunities and that’s why we’re seeing more and more interest. And the interest is broad-based [and] worldwide,” he said.

This comes as BlackRock filed for a  spot bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).

“As with any new markets, if BlackRock’s name’s going to be on it, we’re going to make sure it’s safe and sound and protected,” Fink stated.

Representation of Bitcoin and other cryptocurrencies. BlackRock has been exploring the potential of cryptocurrencies and blockchain technology for several years. (Jakub Porzycki/NurPhoto via Getty Images)

On July 5, Fink emphasized the role of cryptocurrency as “digitizing gold.” He said, “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.” 

BlackRock released its second-quarter results on Friday with adjusted earnings per share of $9.28 and generating $4.46 billion in revenue. Notably, the company’s assets under management have surged to over $9 trillion.

At the time of writing, BTC was trading at $30,287.58,  up 0.22 % in the last 24 hours, data from Zenger News Pro shows.

BlackRock is one of the world’s largest investment management firms, with its headquarters in New York City. It manages a diverse range of assets, including equities, fixed income, real estate, and alternative investments. As of the second quarter of 2023, BlackRock’s assets under management have surpassed $9 trillion, making it the largest investment management company globally.

BlackRock has been exploring the potential of cryptocurrencies and blockchain technology for several years. In recent times, the company has shown increasing interest in Bitcoin and other digital assets.


© 2023 Zenger Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

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