BlackRock CEO Larry Fink has expressed his bullish stance on cryptocurrency.
BlackRock's CEO Said That Cryptocurrency Will "Transcend Any One Currency"
BlackRock CEO Larry Fink has expressed his bullish stance on cryptocurrency.
The head of the largest asset management firm said that crypto "is going to transcend any one currency" and has "a differentiating value versus other asset classes."
Fink made the remarks during an interview with CNBC, but he was unable to speak explicitly about Bitcoin because BlackRock has just submitted an application for a spot market Bitcoin ETF.
Institutional investors flooded the market after BlackRock, which controls $9.5 trillion in assets, filed the application last month, pushing the asset to a 12-month high.
Fink added that more foreign investors are interested in the use of cryptocurrencies in investing and that an "international crypto product" may "transcend" the issue of dollar depreciation.
If a spot market Bitcoin ETF were to be approved, institutional investors would have access to Bitcoin without having to cope with difficult storage problems, which might result in more money streaming into the market.
