Crypto Set To Outshine Global Currencies, BlackRock CEO Predicts

Characterizing cryptocurrencies as a "global asset" that possesses a "distinctive value compared to other asset classes," BlackRock Inc BLK CEO Larry Fink expressed on Friday his belief that cryptocurrency will surpass international currencies due to its global demand.

Earlier this month, Fink referred to cryptocurrency as "digital gold" in a conversation with Fox Business, emphasizing Bitcoin's global allure.

These comments came as BlackRock is in the process of filing for the establishment of the U.S's first spot Bitcoin BTC/USD ETF.

The crypto industry was taken aback earlier this month when several traditional finance institutions also expressed their interest in entering the market.

Notably, traditional finance companies, led by asset management powerhouses BlackRock and Fidelity, filed for approval for spot Bitcoin ETFs.

Also Read: Why JPMorgan Says Bitcoin ETF Is No Big Deal

"We believe we have a duty to make investing accessible to everyone," Fink said.

"ETFs are revolutionizing investing... and we're just at the start of that journey," he added.

Fink then discussed the crucial role that Gold ETFs played in investing in that asset, particularly how it reduced the price, expressing his hope for a similar result with cryptocurrency.

"Over the past five years, our global investors have increasingly been asking us about the role of crypto," Fink noted, before labeling crypto a "global asset."

Fink said its global demand will enable it to "surpass any single current valuation," reaffirming the asset's global appeal.

Read Next: Analysts React To XRP's Landmark Win Against SEC, But Is A Crypto Rally Justified?

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