BlackRock CEO, Larry Fink changes perceptions about Bitcoin

According to CNBC, CEO of BlackRock, Larry Fink is positive about Bitcoin, says it has the potential to evolve into a global market asset.

By · Dec 2, 2020 . 6min read

BlackRock CEO Larry Fink on Bitcoin news

The CEO of the world’s greatest asset management firm BlackRock, Larry Fink, shares his opinion on bitcoin. He expressed his enthusiasm concerning the future of Bitcoin and other cryptos. Larry Fink discusses the potential of Bitcoin and cryptocurrency sector to develop into a mainstream marketplace. He also discusses the impact BTC is possessing on dollar-based assets globally.

In accordance with a report by CNBC, Larry Fink said that Bitcoin has the potential to emerge as a global market asset. Fink stated that the crypto market is comparatively small as equalled to other financial markets. The BlackRock CEO put forward his opinions during a discussion with former Bank of England Gov., Mark Carney at the Council on Foreign Relations. The recent comments occur after the fixed income Chief Investment Officer of BlackRock, Rick Rieder, prophesied intense competition between Bitcoin and Gold to obtain the title of the most valuable hedging asset.

Larry Fink transforms from criticizing Bitcoin to having optimistic views on the same.

The recent comments appear as a surprise, as Fink criticized Bitcoin over the years. In October 2017, Fink described bitcoin as a tool for money laundering. In 2018, he stated that the government would not tolerate operating such assets.

As per the report, Fink described the possible impact of digital currencies on the US Dollar. Fink also penned down in the CNBC report that possessing a digital currency such as Bitcoin has a substantial effect on the US dollar. Thus, making it less critical to international holders of dollar-based assets.

For the uninformed, BlackRock carries over $7.4 trillion in assets under management, making it the world’s largest asset manager. Fink’s comments are an assertive development for the still-nascent cryptocurrency market and its pioneer Bitcoin. The CEO’s remarks also designate that BlackRock is following the crypto space very firmly.

Distinctly, institutional adoption is currently encouraging a bullish attitude in the BTC and crypto space. This is along with significant players who have publicly declared significant allocations of their portfolios to Bitcoin. It includes billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones II and MicroStrategy’s Michael Saylor. The legendary investor, Stan Druckenmiller, transformed into a BTC bull. Moreover, this was after he made positive comments about the cryptocurrency in an interview with CNBC.

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