Crypto To Transcend Currency, Says BlackRock’s Larry Fink

On Friday, BlackRock CEO Larry Fink praised cryptocurrency once more, just a week after he emphasized Bitcoin’s position as a form of “digitising gold.”

In an interview with CNBC, he used the general term “it’s an international asset” to describe cryptocurrency. “It has a differentiating value versus other asset classes, but more importantly, because it’s so international, it’s going to transcend any one currency.”

“If you just look at the value of our dollar, how it depreciated the past two months and how much it appreciated over the last five years, a international crypto product can really transcend that,” he continued. “And that’s why we believe there’s great opportunities. And that’s why were seeing more and more interest. And that interest is broad-based, worldwide.”

Last month, the asset manager filed an application with the Securities and Exchange Commission for a spot bitcoin ETF, sparking a broad rise in the market. A spot Bitcoin budget has yet to be approved by the SEC.

BlackRock’s goal is to ‘democratize investing’

“We believe we have a responsibility to democratize investing,” Fink stated, mirroring comprehensive growth in the ETF industry and emphasizing how gold funds had decreased transaction expenses for the metal. “Now, with crypto, the idea of democratizing that role…the cost right now to transact, it’s quite expensive. We’re talking points, not decimal points.”

Fink stated that he could not speak, especially on Bitcoin, due to the uncertain application.

“We are working with our regulators,” he added. “If BlackRock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected.”