BlackRock CEO Larry Fink made new comments in support of digital currencies role in democratising investment globally, citing a rise in customer interest in crypto assets.
In a July 14 interview, Fink stated that “more and more of our international investors are inquiring us about cryptocurrency. BlackRock is the largest asset manager in the entire globe, managing more than $8 trillion in assets across all categories of financial products.”
According to Fink, digital currencies have a “differentiating worth versus other asset classes” in terms of aiding portfolio diversification. The executive predicted, “it’s so universal, that it will surpass any one currency.”
Although giving pro-crypto comments in the interview, Fink opted not to respond to questions on BlackRock’s application for a spot Bitcoin ETF in the US, which remains under review by the US SEC.
Fink continued, “We are engaging with our legislators because, as in any new market, we want to make sure that it’s secure, sound, and protected if BlackRock’s name is going to be in it.”
The SEC has already turned down several requests to establish a Bitcoin ETF on the spot market.
However, BlackRock’s submission has raised fresh expectations for quick approval, provided the asset manager’s resounding success in getting ETFs approval.
Eric Balchunas and James Seyffart report that BlackRock has submitted 550 ETF proposals and has only been turned down once.
Fink said in the interview, “We believe that democratising investing is our responsibility. We did a tremendous job, and the use of ETFs globally is revolutionising investment and that’s just getting started,”
After BlackRock’s application, other reapplications for comparable ETF products in the US were submitted by various big institutions.
WisdomTree, Fidelity, 21Shares, Bitwise and Invesco are a few of the asset management companies waiting for approval.
The first Bitcoin ETF in Europe will launch later this year by London-based firm Jacobi Asset Management, as American money managers are waiting for the SEC’s approval.
Due to the weak market, the product’s 2022 debut date was postponed. As per Jacobi, since last year, the demand has gradually changed.
