World’s Largest Asset Management Firm Shows Bitcoin Optimism

CEO of BlackRock says Bitcoin has the potential to evolve into a global market asset.

Larry Fink, CEO of the world’s largest asset management firm, BlackRock, expressed his optimism regarding the future of Bitcoin and other cryptocurrencies. Fink said that the world’s biggest cryptocurrency has caught the attention of Wall Street.

According to a report by CNBC, the CEO of the $7.4 trillion asset manager said that Bitcoin has the potential to evolve into a global market asset. Fink added that the crypto market is relatively small as compared to other financial markets.

The BlackRock CEO made the comments during a conversation with former Bank of England Gov., Mark Carney at the Council on Foreign Relations. The recent comments came after the fixed income Chief Investment Officer of BlackRock, Rick Rieder predicted strong rivalry between Bitcoin and Gold to gain the title of the most valuable hedging asset.

“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets. These big giants move every day, it’s a thin market. Can it evolve into a global market? Possibly,” Fink added.

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Changed Tune

The recent comments surprised everyone as Fink criticised Bitcoin over the years. In October 2017, Fink termed bitcoin as a tool for money laundering. In 2018, he mentioned that the government will not allow such assets to operate. As per the report, Fink outlined the potential impact of digital currencies on the US Dollar.

“Having a digital currency has a real impact on the U.S. dollar, making it less relevant on a global scale for international holders of dollar-based assets,” Fink said. In recent months, Bitcoin has attracted a lot of institutional investors including prominent billionaires and Wall Street giants.

Finance Magnates earlier reported that one of the top asset managers, Guggenheim Partners filed an amendment with the SEC to seek 10% investment exposure in Grayscale Bitcoin Trust. The legendary investor, Stan Druckenmiller turned into a Bitcoin bull after he made positive comments about the cryptocurrency in an interview with CNBC.

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