BlackRock CEO Larry Fink weighed in on a high-profile controversy that erupted earlier today when a false report claimed that BlackRock Inc.’s iShares Bitcoin Trust ETF The application has been approved by the U.S. Securities and Exchange Commission (SEC). The scam sparked a frenzy of excitement on social media, sending the price of Bitcoin soaring by 10%.
"This is just an example of pent-up interest in cryptocurrencies. I think today's rally is a chase for quality," Fink said during an appearance on "Fox Business."
The day's events were sparked when cryptocurrency news publication Cointelegraph tweeted that BlackRock's much-anticipated and closely watched application for a Bitcoin ETF had been approved.
BlackRock and the SEC both refuted the rumor and Cointelegraph retracted the post, but Bitcoin prices soared to nearly $30,000 for the first time since July. Ultimately, Bitcoin, the world's top cryptocurrency, surged to $29,483 on the rumor, only to fall back below $28,000 within 15 minutes of the rumor being debunked.
Fink, who said he learned of the situation only hours later due to "a busy day," insisted that the incident only proves the global demand and desire for Bitcoin spot ETFs - especially during the The international situation continues to be turbulent.
