Larry Fink, the CEO of BlackRock Inc BLK, has expressed support for cryptocurrencies while discussing the asset management firm’s application to list a spot Bitcoin BTC/USD exchange-traded fund (ETF).
What Happened: During an interview with Fox Business on Wednesday, Fink emphasized the role of cryptocurrency as “digitizing gold."
Fink said, “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.”
Fink further indicated that investors might turn to Bitcoin as a hedge against inflation or the devaluation of certain currencies.
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Why It Matters: Under Fink’s leadership, BlackRock has made efforts to launch a spot Bitcoin ETF, collaborating with cryptocurrency exchange Coinbase as a surveillance partner.
However, it remains unclear if the Securities and Exchange Commission (SEC) will approve the investment vehicle, considering their previous rejections of all spot Bitcoin ETF applications.
Following Fink’s interview, many users on crypto Twitter responded positively, with some suggesting that his words could trigger a surge in the prices of BTC, referring to it as the “Fink Pump.”
Price Action: At the time of writing, BTC was trading at $30,481, down 1.23% in the last 24 hours, according to Benzinga Pro.
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