BlackRock CEO Optimistic About Growing Demand for Cryptocurrencies Among Gold Investors

Lena Smith
Lena Smith Currency
2 Min Read

The CEO of investment management firm BlackRock Larry Fink expressed his optimism about the increasing interest in Bitcoin and other cryptocurrencies among gold investors . In an interview with CNBC he highlighted that in the past five years more and more gold investors have been learning about the potential of cryptocurrencies.

Similarities to ETFs: Democratizing Access to Cryptocurrencies

Exchange-traded funds (ETFs) have democratized access to gold and Fink compared this to their prospective impact on the cryptocurrency market. He stressed the possibility of using a global cryptocurrency product as a hedge against changes in the US dollar’s value which has recently decrease in value . Fink thinks there is a widespread global interest in cryptocurrencies.

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BlackRock’s Entry: Democratizing Investments and Exploring Opportunities

In an effort to provide user-friendly and affordable investment products BlackRock has submitted an application to launch a spot Bitcoin ETF. BlackRock CEO Larry Fink said the company wants to democratize investing and has seen firsthand how ETFs have changed the financial environment . The company thinks cryptocurrencies have a lot of promise for diversifying portfolios.

BlackRock’s Second-Quarter Results and Market Outlook

In its second quarter earnings report BlackRock announced adjusted earnings per share of $ 9.28 and revenue of $ 4.46 billion . With assets under management surpassing $ 9 trillion the company continues to thrive in the financial market. BlackRock’s application for a spot Bitcoin ETF could play an important role in the US Securities and Exchange Commission’s (SEC) decision to approve such a product.

Continued Support for Bitcoin and Growing Pressure on the SEC

Larry Fink’s recent positive comments about Bitcoin follow his previous skepticism about cryptocurrencies in 2017. However BlackRock’s exploration of the cryptocurrency market reflects the evolving customer interest and the rising value of digital assets. Bernstein predicts a strong possibility of the SEC approving a spot Bitcoin ETF soon especially considering its previous approval of futures-based Bitcoin ETFs and leverage-based futures ETFs .

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I’m a freelance writer and journalist from Toronto, covering real estate, mortgage and personal finance for publications like Forbes, Money, Business Insider, Fortune, US News & World Report, The Motley Fool, CBS News, Hearst newspapers, The Balance, HousingWire, Money Under 30, Bankrate, Builder Magazine, Multifamily Executive, The Simple Dollar, and more.
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