BlackRock CEO Larry Fink said on the 7/14 show that BlackRock has a responsibility to democratize investing and believes that there is global demand for cryptocurrencies.
BlackRock takes responsibility for democratizing investing
BlackRock CEO Larry Fink said in a recent public statement that the company’s entry into the cryptocurrency space is consistent with its broader mission goals. He pointed out on the 7/14 "Squawk on the Street" show that the company feels it is the responsibility to democratize investing, and praised the popularity of ETFs for changing investment methods around the world, while saying that they are only in the beginning stages.
JUST IN: $9 trillion asset manager BlackRock CEO says#cryptowill transcend international currencies due to global demand. pic.twitter.com/lVkNiFNCEV
— Watcher.Guru (@WatcherGuru) July 14, 2023
BlackRock’s application for Bitcoin exchange-traded fund sparks craze
BlackRock submitted an application for a Bitcoin spot ETF on June 15, a move that not only sparked a frenzy in the cryptocurrency market but also prompted other asset managers to make similar applications.
However, the U.S. Securities and Exchange Commission (SEC) has previously rejected several similar fund applications. However, many in the cryptocurrency industry believe BlackRock’s involvement and proposed surveillance-sharing agreement are signs that things are changing. BlackRock’s current partner for the surveillance sharing agreement is the American exchange Coinbase, which has also become a partner for other companies applying for the same product.
Will BlackRock secure entry into new markets?
BlackRock Chief Executive Larry Fink, who has been critical of cryptocurrencies, said customer interest and high transaction costs have prompted BlackRock to consider entering the space more carefully.
He further added that cryptocurrencies can bring diversification to investors’ portfolios and highlighted its differentiated value from other asset classes. Additionally, he said that due to the international nature of cryptocurrencies, it will transcend any one currency. Larry Fink said it is working with regulators to ensure the safety and reliability of any new markets it enters.
According to BlackRock’s second-quarter earnings, revenue was $4.46 billion and assets under management exceeded $9 trillion.
This article BlackRock CEO Larry Fink: The responsibility to democratize investment first appeared on Chain News ABMedia.
