Larry Fink, Chief Executive Officer of BlackRock, says cryptocurrencies have the potential to evolve into a great asset class. Appearing in an interview on CNBC, the CEO of the leading global investment management company said “We are investing in it, we’re studying it, we’ve made money on it.” Cryptocurrencies Could Become a Great Asset Class: BlackRock CEO Larry Fink, the CEO of BlackRock, a firm with $8.6 trillion in assets under management (AUM) has said that he is fascinated by cryptocurrency. In an interview with CNBC on April 15, Fink said that cryptocurrencies such as Bitcoin have the potential to become a great asset class, adding: “I’m still fascinated about it (cryptocurrency) and encouraged by how many people are focusing on it. I’m encouraged about the narrative, it may become a great asset class and I do believe this could become a great asset class cryptocurrency.” However, he did say that BlackRock has not received many inquiries from its institutional clients about having Bitcoin in their portfolios. There is little interest among institutional investors at the moment, according to him. Moreover, he does not see cryptocurrency as a substitute for fiat currencies: “I don’t believe it’s a substitute for currencies, I think we’re gonna have cryptocurrencies of dollars, cryptocurrencies of other currencies, but I don’t believe we should think about crypto as a substitute of currency but I am fascinated by it as an asset class.” Larry Fink’s Views on Bitcoin Has Evolved Fink whose net worth includes over $1.1 billion previously wasn’t interested in the crypto assets. In 2017, he even called Bitcoin an “index of money laundering.” “Bitcoin just shows you how much demand for money laundering there is in the world,” he said. With time his views on Bitcoin have surely evolved. In December, Fink for the first time spoke positively on the leading cryptocurrency saying he could see Bitcoin growing as an asset class. A month later, his firm said in an SEC filing that it could add Bitcoin futures to its funds. In March, BlackRock revealed that it already held 37 futures contracts from the Chicago Mercantile Exchange.
The post BlackRock CEO Says Cryptocurrencies Could Become a “Great Asset Class” appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
