BlackRock CEO points to the role of cryptocurrencies in democratizing investing

BlackRock’s entry into the cryptocurrency market aligns with the company’s mission to create simple and accessible products for investors. This was stated by CEO Larry Fink in an interview with CNBC.

“We believe we have a responsibility to democratize investing. We have done a lot of work, and the global role ETF transforms investing. And this is only the beginning,” said Fink.

15 июня BlackRock filed with the SEC an application to register a spot Bitcoin fund. Subsequently, similar requests were submitted by Valkyrie, Fidelity Investments, WisdomTree and Invesco.

In July, the regulator took all submitted forms under consideration. So far the Commission has not approved any spot Bitcoin ETFs.

In 2017, Fink called Bitcoin ‘an index for money laundering’. A few months later, he said there was no client interest in cryptocurrencies. However, in 2022 BlackRock opened investors’ access to digital assets in collaboration with Coinbase.

“We are working with regulators, because, like on any new market, if BlackRock’s name is on it, we will ensure that it is protected”, said Fink.

He declined to discuss details of communications with the SEC regarding the company’s application for an exchange-traded Bitcoin fund, citing agency rules.

Regarding cryptocurrencies, Fink noted that they can play a role in diversifying investment portfolios.

“They have distinctive value relative to other asset classes. But more importantly, they are so international that they will surpass any [fiat] currency”, said the head of BlackRock.

called Bitcoin an ‘international asset’ that investors can buy instead of precious metals to hedge against inflation.