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Blackrock CEO Larry Fink Sees Global Demand and 'Pent-Up Interest in Crypto' Amid Israel-Hamas War
Larry Fink, CEO of the world's largest asset manager, Blackrock, sees bitcoin's recent rally as “an example of the pent-up interest in crypto.” Noting that as the Israel-Hamas war rages on, more and more people will turn to bitcoin as a “flight to quality,” the executive emphasized: “We are hearing from clients around the world about the need for crypto.”
'Today's Rally Is About a Flight to Quality'
Blackrock CEO Larry Fink offered his perspective on the bitcoin rally on Monday following rumors that the U.S. Securities and Exchange Commission (SEC) had approved his company's spot bitcoin exchange-traded fund (ETF) application.
While stressing that he couldn't discuss “any specifics,” Fink said on Fox Business:
I think that's just an example of the pent-up interest in crypto. We hear from clients around the world about the need for crypto.
The rumor was spread by crypto news outlet Cointelegraph which posted on social media platform X Monday morning that the SEC had approved Blackrock's spot bitcoin ETF. The news outlet later retracted the story. Bitcoin surged nearly 10% before dropping back to $28,000 after the fake news report.
Noting that “Some of this rally goes far beyond rumors,” the Blackrock CEO stressed:
I think today's rally was about a flight to quality, with all the issues surrounding Israel's current war, [and] global terrorism. And I think more and more people are turning to quality – whether it's in Treasurys, gold, or crypto, depending on how you think about it.
Blackrock filed an application for the Ishares Bitcoin Trust, a spot bitcoin ETF, with the SEC in June. If approved by the SEC, the trust will use Coinbase Custody as its custodian. In July, Fink said crypto would surpass any currency.
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Larry Fink, CEO of the world's largest asset manager, Blackrock, sees bitcoin's recent rally as “an example of the pent-up interest in crypto.” Noting that as the Israel-Hamas war rages on, more and more people will turn to bitcoin as a “flight to quality,” the executive emphasized: “We are hearing from clients around the world about the need for crypto.”
'Today's Rally Is About a Flight to Quality'
Blackrock CEO Larry Fink offered his perspective on the bitcoin rally on Monday following rumors that the U.S. Securities and Exchange Commission (SEC) had approved his company's spot bitcoin exchange-traded fund (ETF) application.
While stressing that he couldn't discuss “any specifics,” Fink said on Fox Business:
I think that's just an example of the pent-up interest in crypto. We hear from clients around the world about the need for crypto.
The rumor was spread by crypto news outlet Cointelegraph which posted on social media platform X Monday morning that the SEC had approved Blackrock's spot bitcoin ETF. The news outlet later retracted the story. Bitcoin surged nearly 10% before dropping back to $28,000 after the fake news report.
Noting that “Some of this rally goes far beyond rumors,” the Blackrock CEO stressed:
I think today's rally was about a flight to quality, with all the issues surrounding Israel's current war, [and] global terrorism. And I think more and more people are turning to quality – whether it's in Treasurys, gold, or crypto, depending on how you think about it.
Blackrock filed an application for the Ishares Bitcoin Trust, a spot bitcoin ETF, with the SEC in June. If approved by the SEC, the trust will use Coinbase Custody as its custodian. In July, Fink said crypto would surpass any currency.
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