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BlackRock CEO Larry Fink Talks Up Crypto Demand From Gold Investors
The asset management giant last month applied with regulators to open a spot bitcoin ETF.
Updated Mar 8, 2024, 5:02 p.m. Published Jul 14, 2023, 3:16 p.m.
Larry Fink was in a bullish mood on Friday as he spoke of the increasing demand he is seeing for cryptocurrencies among gold investors.
Appearing on CNBC following his company's second-quarter earnings report, the CEO of $8.5 trillion asset manager BlackRock (BLK) said "more and more" gold investors have been asking about the role of crypto over the last five years, highlighting the role exchange-traded funds (ETFs) have had in democratizing access to gold, as they could do in crypto.
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"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," he said. "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."
BlackRock filed an application to list a spot bitcoin ETF last month with a surveillance-sharing agreement worked in, which could prove to be the deciding factor in the U.S. Securities and Exchange Commission (SEC) finally approving such a product after rejecting dozens of applications in recent years.
"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 added.
Read More: SEC Approval of Spot Bitcoin ETF Is Unlikely to Be a Game Changer for Crypto Markets: JPMorgan
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