BlackRock CEO Larry Fink has issued new comments supporting the role of cryptocurrencies in democratizing global investing, noting the firm’s clients’ growing interest in digital assets.
“More and more global investors are asking us about cryptocurrencies,” Fink said. explain In an interview with CNBC’s “Squawk on the Street” on July 14. BlackRock is the world’s largest asset management company, with over $8 trillion in assets covering all types of investment products.
In Fink’s view, cryptocurrencies have “different value than other asset classes” in helping to diversify portfolios. “(…) it is so international, it will transcend any one currency,” the executive noted.
Despite his pro-crypto remarks in the interview, Fink declined to comment on BlackRock’s application for a spot bitcoin exchange-traded fund (ETF) in the U.S. as the application is still pending with the SEC middle.
“We’re working with regulators because like in any new market, if BlackRock’s name is on it, we’re going to make sure it’s safe, sound and protected,” Fink added.
In the past few years, many applications to list BTC ETFs on the spot market have been rejected by the SEC. However, BlackRock’s application has revived hopes of imminent approval, given the asset manager’s overwhelming success in getting ETF approvals.According to Eric Balchunas and James Seyffart of Bloomberg Intelligence, BlackRock submit A total of 550 ETF applications were rejected only once.
“We believe we have a responsibility to democratize investing. We’re doing a great job, and the role of ETFs in the world is changing investing. We’re just getting started,” Fink said in the interview.
Similar ETF products in the US have been reapplied several times since BlackRock filed the application. Asset managers awaiting approval include Fidelity, Bitwise, 21Shares, WisdomTree and Investco, among others.
While U.S. fund managers await the SEC’s decision, London-based Jacobi Asset Management will launch Europe’s first spot bitcoin ETF later this year. The product was supposed to launch in 2022, but was delayed by the bear market. Demand has gradually changed since last year, Jacobi said.
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