Bitcoin will not replace fiat money, but it could become a major asset class. This is the view of Larry Fink, the CEO of BlackRock, which manages $8.7 trillion in assets, who spoke in an interview with CNBC.
Despite the successful listing on Nasdaq of the cryptocurrency company Coinbase, which was valued at $85.7 billion, Fink expressed skepticism about institutional adoption of cryptocurrency.
According to him, he has not seen growing institutional interest in Bitcoin. In their circles, greater attention is drawn to risks from climate change, budget deficits and inflation.
\”We are studying cryptocurrency, we have earned from it, but I would not say that we are seeing broad institutional interest worldwide,\” noted Fink.
Earlier, BlackRock allowed entry into the Bitcoin futures market.
Larry Fink had already spoken about the possibility of turning the leading cryptocurrency into a global asset in a conversation with former Bank of England governor Mark Carney.
In November 2020, BlackRock’s chief investment officer Rick Rieder said that Bitcoin is capable of replacing gold. In February, he confirmed the firm’s interest in the first cryptocurrency.