Larry Fink, the CEO of multi-trillion dollar investment giant BlackRock, is revealing his rosy outlook on Bitcoin and the crypto markets at large.
In a CNBC interview, Fink changes his tune on Bitcoin as he says he now believes in the future of cryptocurrencies.
“I’m still fascinated about it, I’m encouraged by how many people are focusing on it, I’m encouraged about the narrative that it may become a great asset class. And I do believe this could become a great asset class.”
In 2017, Fink referred to Bitcoin as “an index for money laundering.”
While the BlackRock head may be fascinated by Bitcoin, he’s skeptical that cryptocurrencies could replace fiat currencies.
“I don’t believe it’s a substitute for currencies. I think we’re going to have cryptocurrencies of dollars, cryptocurrencies of other currencies. But I don’t believe we should think about crypto as a substitute of currency. But I’m fascinated by it as an asset class.”
The BlackRock CEO adds that even though the investment giant has dabbled in cryptocurrencies, as the firm’s chief investment officer of global fixed income Rick Rieder revealed in February, other large institutional investors have yet to show deep interest in the digital asset space.
“I will tell you of our investors worldwide… we don’t have that much inquiry on it. We are investing in it. Rick Rieder’s been on your show talking about things that we are doing in it. And we’re studying it…
There are components in the financial markets about crypto that are real, that is growing. But if you’re asking me specifically about long-term investing from sovereign wealth funds, from pension funds, from retirement services, from big family offices, the conversation about crypto is a very minor conversation compared to so many other conversations.”
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