Larry Fink, the CEO of BlackRock, is now promoting crypto and Bitcoin. The asset management tycoon stated that Bitcoin could revolutionize the current financial system.
In a surprising turn of events, Larry filed paperwork for a spot in the Bitcoin ETF with the SEC in June. The BlackRock CEO boasts a nearly 100% clearance rate for ETF approvals from the SEC. However, Larry has no idea when the Bitcoin ETF can get approval.
In a recent interview, the CEO stated how everyone at BlackRock believed in creating more tokenized securities and assets. That is what Bitcoin is, and it can revolutionize finance, stated Larry.
The news was a shocker to many since Larry had previously shown skepticism regarding crypto. The CEO had suggested that Bitcoin users were heavily using crypto for illicit activities.
According to Larry, instead of investing in gold for security against inflation, Bitcoin can act as an alternative asset. It is an international asset and is not based on one local currency alone. Thus, it is a hedge against the issues of one country and the devaluation of one currency.
BlackRock’s iShares unit previously reached the SEC to file paperwork for the Bitcoin ETF on June 16. The spot Bitcoin exchange-traded fund has a decent chance of being approved, given the track record of Larry.
The CEO expressed hope for the fund stating how things have majorly worked out with regulators. At times, Larry has received filing approvals on most occasions but does not know how this one will play out.
Regardless of the verdict, the mere affiliation of Bitcoin and Larry Fink has helped the crypto get market assistance. Crypto is trading for over 30,700 dollars currently and is expected to flourish in the short run.
