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World’s Largest Asset Manager Black Rock CEO says Crypto Can Become a Great Asset Class

World’s Largest Asset Manager Black Rock CEO says Crypto Can Become a Great Asset Class
Larry Fink, CEO of the world’s largest asset manager Blackrock in a recent interview with CNBC said cryptocurrencies can become a great asset class. Fink added that people should stop looking at Cryptocurrencies as substitute money as it has risen as a form of investment rather than a substitute for currency. Fink explained,
“It may become a great asset class and I do believe this can become a great asset class,” says Larry Fink. “I don’t believe we should think about crypto as a substitute of currency.”

"It may become a great asset class and I do believe this can become a great asset class," says Larry Fink. "I don't believe we should think about #crypto as a substitute of currency." #btc pic.twitter.com/ykGNhZqVT7
— Squawk Box (@SquawkCNBC) April 15, 2021

Blackrock is the world’s largest asset manager with over $8.6 trillion worth of assets under management. The investment management firm has recently been quite bullish on Bitcoin despite being a strong critic a couple of years ago. The quarterly filing of Blackrock showed that the investment management firm had invested a small portion in Bitcoin Futures and also has exposure through their investment in MicroStrategy stocks.
Fink’s comment on cryptocurrencies potentially becoming a great asset class might surprise many since back in 2018 he has dismissed Bitcoin suggesting it is a tool for money laundering.
Larry Fink: We Have Invested in Cryptocurrencies
Fink went to explain that cryptocurrencies are certainly a part of their client meetings and internal discussion and they have definitely invested in it, but at present, it is more of a fascination for them unless the client demand soars. He explained,
“We’ve had very little interconnectivity on the conversation on crypto other than a fascination. The conversations about our deficits, inflation risk–is far more dominant with our clients worldwide than the whole conversation about crypto.”
While BlackRock might claim that their discussions are primarily focused on the deficit and inflation risk sooner or later Bitcoin would emerge as a possible solution as has been the case for Goldman Sachs , JP Morgan , and Morgan Stanley . All these Wall Street giants at one point dismissed Bitcoin and cryptocurrencies as mere speculative assets, then suggested they might not add any exposure unless the client’s demand is enough, and then went on to add Bitcoin and crypto-based exposure.
The post World’s Largest Asset Manager Black Rock CEO says Crypto Can Become a Great Asset Class appeared first on Coingape .

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