BlackRock BLK CEO Larry Fink on Saturday expressed optimism about the growing demand for cryptocurrencies like Bitcoin BTC/USD among gold investors.
What Happened: During an interview on CNBC, Fink said that an increasing number of gold investors enquired about the role of crypto over the past five years, noting the potential for exchange-traded funds (ETFs) to democratize access to both gold and crypto.
“If you look at the value of our dollar, how it depreciated in the last two months and how much it appreciated over the last five years … an international crypto product can really transcend that. That’s why we believe there’s great opportunities and that’s why we’re seeing more and more interest. And the interest is broad-based [and] worldwide," he said.
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Why It Matters: This comes as BlackRock filed for a spot bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
“As with any new markets, if BlackRock’s name’s going to be on it, we’re going to make sure it’s safe and sound and protected,” Fink stated.
On July 5, Fink emphasized the role of cryptocurrency as "digitizing gold.” He said, "Let's be clear: Bitcoin is an international asset. It's not based on any one currency, and so it can represent an asset that people can play as an alternative."
BlackRock released its second-quarter results on Friday with adjusted earnings per share of $9.28 and generating $4.46 billion in revenue. Notably, the company’s assets under management have surged to over $9 trillion.
Price Action: At the time of writing, BTC was trading at $30,287.58, up 0.22 % in the last 24 hours, data from Benzinga Pro shows.
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