BlackRock chief notes scant client interest in cryptocurrencies

BlackRock chief executive Larry Fink said in a CNBC interview that he does not see strong demand for cryptocurrencies among the firm’s clients.

«If we could improve financial literacy. If we could help more people focus on not just speculating on markets and the ups and downs but translating that into investing in the long run,» $BLK‘s Larry Fink on meme stocks $AMC $GME. «I look at this as a possibly good first step.» pic.twitter.com/Uqyssz75U6

— Squawk Box (@SquawkCNBC) July 14, 2021

Fink noted that in the last two weeks BlackRock clients showed no interest in Bitcoin and other digital assets. Although demand had been there earlier, he added.

The head of BlackRock acknowledged that investors interested in cryptocurrencies and meme stocks simply are not clients of the company.

“If we could raise financial literacy levels. If we could help people focus not only on speculation, the ups and downs of the markets, but also shift their attention to long‑term investments,” said Fink.

According to him, higher financial literacy and long-term investing would make retirement less problematic for the next generation.

Earlier, the head of BlackRock stated that Bitcoin will not replace fiat money, but could become a major asset class. He was skeptical about institutional adoption of digital gold.

In April, BlackRock added Bitcoin futures to its portfolio, traded on the Chicago Mercantile Exchange.

In May, Fink said that cryptocurrencies have long-term potential, and the firm began studying them for hedging market cycles.

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