Larry Fink, CEO of #BlackRock believes that Bitcoin is on its way to becoming a distinct asset class. According to Fink, the future of the leading cryptocurrency doesn’t depend on the outcome of the upcoming U.S. elections.
Larry Fink, CEO of #BlackRock believes that Bitcoin is on its way to becoming a distinct asset class. According to Fink, the future of the leading cryptocurrency doesn’t depend on the outcome of the upcoming U.S. elections.
“I don’t think any of the new presidents will be able to change that,” he stated confidently.
That’s why he views Bitcoin as a financial product that will only grow in scale over time. BlackRock, the world’s largest asset manager, recently turned its attention to Bitcoin. However, since launching the iShares Bitcoin Trust (IBIT) spot Bitcoin ETF, the company has attracted billions of dollars to the fund. In just nine months since trading began, the ETF’s market cap hit a record $23 billion.
“We continue to roll out new products to make investing simpler and more accessible,” Fink said.
Interestingly, Fink’s views on Bitcoin have shifted notably this year. Just a few years ago, he—like JPMorgan CEO Jamie Dimon—was skeptical about the long-term value of the leading cryptocurrency. But by this September, his company’s analysts were comparing Bitcoin to gold, highlighting its stability during geopolitical crises.
