Larry Fink, CEO of the world’s largest asset manager, BlackRock Inc. BLK, said that the future of cryptocurrencies, including Bitcoin BTC/USD, will not be influenced by the outcome of the upcoming presidential election.
What Happened: During the company's recent third-quarter earnings call, Fink was asked about the potential opportunities for the company in the wake of a more cryptocurrency-friendly administration in Washington, D.C.
In response, Fink said, “Well, first, I’m not sure if either president or other candidate would make a difference.”
He expressed optimism that overall usage of digital currencies will expand nonetheless, as institutions worldwide looked for ways to allocate to the asset class.
“But I truly don’t believe it’s a function of regulation, of more regulation, less regulation. I think it’s a function of liquidity and transparency,” Fink added.
Reaffirming his positive outlook on Bitcoin, Fink deemed it a unique asset class, comparable to commodities like gold, and predicted an expansion in its investment appeal.
Why It Matters: Fink is known for his bold bet on Bitcoin, a marked reversal from his skepticism a few years back.
BlackRock, which is sitting on assets worth $11.5 trillion, has advocated for Bitcoin as a safeguard against the U.S. fiscal deficit.
BlackRock’s iShares Bitcoin Trust ETF IBIT has become the world’s largest Bitcoin investment fund since its launch earlier this year, holding assets worth $24.45 billion, according to SoSo Value.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,470.43, up 2.24% in the last 24 hours, according to data from Benzinga Pro. Shares of BlackRock closed 0.19% higher at $992.18 during Monday’s trading session.
Image via Flickr/ Jolanda Flubacher
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
