translation:
BlackRock CEO: Crypto 'will overtake every single currency'
BlackRock CEO Larry Fink is once again bullish on the crypto sector. He compares Bitcoin and Co. with other currencies.
Larry Fink is doing it again: After the BlackRock CEO spoke positively about Bitcoin and Co. in an interview with Fox Business, he comes back to talking about digital assets. His conclusion: He expects cryptocurrencies to “overtake” traditional currencies – including the US dollar.
"Because it's so international, [crypto] will go beyond each individual currency in currency valuation," the CEO explains to CNBC, also in reference to the US dollar's depreciation.
The fact that the CEO of the world's largest wealth manager came out as a crypto advocate may have come as a surprise to some. In 2017, Fink boasted that "Bitcoin just shows how big the demand for money laundering is in the world."
However, Fink is now on a crypto course with BlackRock. Last month, BlackRock filed with the US Securities and Exchange Commission for a Bitcoin sports ETF - a bang for the crypto industry. Other asset managers, like Fidelity and Ark Invest, did the same for the financial giant.
In the first step, however, the US Securities and Exchange Commission rejected the applications from BlackRock and Co. However, the asset managers resubmitted their applications. However, a decision by the SEC is still pending.
"We believe we have a responsibility to democratize investing," Fink said of the Bitcoin ETF application. “We are working with our regulators because as with any new market we need to ensure when the BlackRock name is on it that it is safe, sound and protected.”