⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

BlackRock CEO Highlights Increase in Bitcoin Demand by Gold Investors

  • BlackRock CEO Larry Fink highlighted his optimism towards cryptocurrencies due to the increasing demand among gold investors.
  • BlackRock applied to list a spot Bitcoin (BTC) ETF through a surveillance sharing agreement last month.
  • Earlier this month, Fink praised Bitcoin for its potential to revolutionize the finance sector, referring to it as the “digitization of gold.”

Fink, CEO of investment management giant BlackRock, which applied for a spot Bitcoin ETF in June, evaluated the increasing demand in Bitcoin.

Fink Expresses Increasing Optimism Against Crypto Demand

larry-fink-bitcoin

BlackRock CEO Larry Fink expressed his optimism towards cryptocurrencies based on the growing demand among gold investors. In an interview following BlackRock’s second-quarter earnings report, Fink noted that in the past five years, “more and more” gold investors have been asking questions about the role of cryptocurrencies.

Fink emphasized the potential similarity between exchange-traded funds (ETFs) democratizing access to gold and their potential impact on the cryptocurrency market.

He also highlighted the decline in the value of the U.S. dollar in recent months and the appreciation of cryptocurrencies over the past five years, suggesting that an international crypto product could provide protection against such fluctuations.

“We believe that there are huge opportunities and we are seeing greater interest. The interest is broad-based and global.”

BlackRock applied to list a spot Bitcoin (BTC) ETF through a surveillance sharing agreement last month. This could be a decisive factor in the approval process, as the U.S. Securities and Exchange Commission (SEC) has previously rejected numerous applications for such a product.

According to Fink, BlackRock’s entry into the cryptocurrency market aligns with the company’s goal of creating user-friendly and cost-effective investment products.

“We believe we have a responsibility to democratize investing. We have done a great job and ETFs are transforming the world of investments. And we are only at the beginning.”

Fink had expressed skepticism about cryptocurrencies in 2017, linking their popularity to money laundering activities. However, customer interest and the rise in cryptocurrency values prompted BlackRock to explore possibilities in the market.

Fink Says Bitcoin Can Help Investors Diversify Their Portfolio

Fink said that Bitcoin could help diversify investors’ portfolios:

“It has an extraordinary value proposition compared to other asset classes, but more importantly, because it’s so international, it will cross borders unlike any currency.”

Fink avoided discussing the direct spot Bitcoin ETF and mentioned the restrictions of the SEC application process, but he emphasized that BlackRock prioritizes security and protection in every market it enters.

On Friday, BlackRock announced its second-quarter results, reporting earnings of $9.28 per share and $4.46 billion in revenue. The company’s assets under management now exceed $9 trillion. This is not the first time Fink has expressed support for Bitcoin since BlackRock applied for the spot ETF.

Earlier this month, he praised Bitcoin for its potential to revolutionize the finance sector and referred to it as the “digitization of gold.” A recent research report by Bernstein also suggested a high likelihood of the SEC approving the spot Bitcoin ETF in the near future.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

$PLAY listed on Binance alpha and futures

$PLAY listed on Binance alpha and futures

Gate to Launch Rhea Finance (RHEA) Spot Trading with 4,000,000 RHEA Reward Activities

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

RAKBANK Partners with Bitpanda to Enable Bitcoin Trading Directly in UAE Dirhams

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

$OMNI listed on Upbit spot (KRW)

$OMNI listed on Upbit spot (KRW) #OMNI

ETH Strategy Raises 12,342 ETH in $46.5M Pre-Launch Funding to Boost Ethereum Treasury Protocol

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

ETH Strategy Raises $46.5M to Launch STRAT Token Offering Leveraged Ethereum Exposure

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

DOJ Seeks Forfeiture of Over $2.3 Million in Bitcoin Linked to Chaos Ransomware Group Member

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Arizona Man Pleads Guilty in Alleged Bitcoin Ponzi Scheme Involving Fake Crypto Recovery Service

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Shiba Inu Faces Potential Downside Risks Amid Lack of Catalysts and Weak Momentum

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Galaxy Digital’s Bitcoin Wallet Activity Suggests Possible Continued Selling Amid ETF Inflows

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Cboe Files to List Canary Capital’s Staked Injective ETF, Potentially Following Solana and Ether Models

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Top Investor Suggests Possible U.S. Government Move Could Impact Bitcoin Market Dynamics

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Binance May Launch ZRC/USDT Perpetual Contracts with Up to 50x Leverage, Offering New Trading Opportunities

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img