BlackRock CEO Larry Fink believes that a spot Bitcoin (BTC) exchange-traded fund (ETF) would make crypto investments more accessible to a broader range of people.
During a recent interview with Fox Business, Fink said that ETFs have been a game-changer for the finance industry and have the potential to bring further innovation.
“We’re a believer in the digitization of products. ETFs was a big revolution for the mutual fund industry and it’s really taking over the mutual fund industry. And we do believe that if we can create a great more tokenization of assets and securities, and that’s what Bitcoin is, it could revolutionize finance.
And so we look at this as an opportunity to move one step further in terms of providing investors fractions of shares, fractions of this, democratizing the cost of investing.
Over the last 10 years we’ve lowered the cost of [BlackRock] iShares ETFs by 30%. So what we’re trying to do is make it more accessible or easy.
The attempt in terms of what we’re trying to do with crypto is to make it more democratized with all the crypto. And making it much cheaper for investors. Right now the bid-ask spread for crypto is very expensive. It does erode a lot of the returns that you speak about because it costs a lot of money right now to transact Bitcoin and it costs a lot of money to get out of that.”
According to the BlackRock co-founder and CEO, Bitcoin is an international asset that serves as an alternative to gold.
“I do believe the role of crypto is… it’s digitizing gold in many ways. Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency, whatever country you’re in…
Let’s be clear: Bitcoin is an international asset. It’s not based on any one currency. And so it can represent an asset that people can play as an alternative.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DreamStudio
