Larry Fink, BlackRock’s CEO, a global financial management firm, is focusing more on cryptocurrency investments. Fink has stated that his firm is implementing a global strategy for digital asset investments.
Blackrock leaning towards crypto space
Fink’s new comments differ from those he made in prior years. Fink claimed in 2017 that cryptocurrencies were being used to facilitate money laundering. He also backed Warren Buffett and Jamie Dimon, two more well-known sceptics of the digital asset market.
Fink, on the other hand, stated in 20202 that Bitcoin was becoming a societal phenomenon. He also predicted that the film would become a global market leader. Fink believes that Bitcoin’s rise is putting the US dollar’s supremacy as the world’s reserve currency under jeopardy.
In 2021, Fink expressed his support for cryptocurrencies again, predicting that Bitcoin might be used as a store of value. Bitcoin, on the other hand, needs time to demonstrate its capabilities in order to achieve this. During a recent interview, the executive stated that Blackrock is researching digital assets, such as stablecoins and the underlying technology, to better serve its clients.
Blackrock’s investment in Circle
Blackrock is also investing strategically in the bitcoin space. Earlier in the week, Circle, the company behind the USDC stablecoin, received $400M in funding, and BlackRock was among the key investors. BlackRock also announced a partnership with Circle to investigate the USDC stablecoin’s use cases in the capital markets.
Jeremy Allaire, CEO of Circle, detailed the following:
“USDC and other dollar digital currencies are causing a global economic shift, and Circle’s technical infrastructure is at the heart of it. It’s especially satisfying to have BlackRock join the company as a strategic investor. We are excited to expand our collaboration.”
Hmm, what do you think about Larry Fink’s stance on crypto?
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