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Bitcoin May Not Become a Currency, Says BlackRock CEO

Larry Fink, CEO of BlackRock, recently noted that Bitcoin may not become a currency for everyday utility. He also stated that at present he was not concerned about the price trajectory of Bitcoin.

He retained that at a public scale, investors should perceive Bitcoin as a pure asset class. He was speaking at CNBC when he noted that he views Bitcoin as a product to store wealth rather than an alternative to fiat currencies.

Future of CBDCs

Talking regarding Bitcoin spot ETF, he projected that there is little chance of the digital product becoming a currency as it is an asset class. At the same time, he said that CBDCs are likely to become a reality in the near future.

He further noted that the leading financial firms and systems are going to produce more digital currencies and leverage blockchain technology for it. Data projections from Cointelegraph indicate that more than 100 nations around the globe are working on CBDCs.


BlackRock CEO Talks About Ark Invest’s Bitcoin Stance

During the interview, he was asked about Ark Invest CEO Cathie Wood’s stance regarding Bitcoin prices. For context, it is important to note that the executive recently projected Bitcoin prices to trade in a range of $600,000 to $1 million.

📰 Also read:  South Korean Regulator to Discuss Crypto ETFs with SEC Chief Gary Gensler

Commenting on the matter, he noted that Bitcoin price projections were not his primary concern at the moment. He further retained that at the time price projection was not a priority instead he was focused on an investment product that works as a store of value via the newly listed Bitcoin spot ETF.

He told reporters that in the event that price predictions of Ark Invest come to fruition, gold will represent a greater value. He further stated that since Bitcoin is often regarded as digital gold therefore investors are going to use gold as a reference point to evaluate Bitcoin prices.

He also spoke with Fox News on the matter of Bitcoin ETF noting that the product will legitimize an industry that has dealt with a lot of skepticism from the start.

Larry Fink Shares Insights Regarding BlackRock’s Spot Bitcoin ETF

After years of delays, the Securities and Exchange Commission finally approved spot Bitcoin ETF. Speaking on the matter, the executive of a leading asset management firm asserted that Bitcoin ETF is a sign of assigning more legitimacy to the digital product.

📰 Also read:  21Shares President Forecasts Bitcoin ETF Market to Shrink then Consolidate

At the same time, he stated that the enterprises have introduced more security to Bitcoin by way of a Bitcoin spot ETF.

The journey of spot Bitcoin ETF approval has been an uphill task for various firms until BlackRock entered the market. The firm has a historical record of 576 approved ETF listings with only one rejected application. As soon as BlackRock filed for a spot Bitcoin ETF application, various market participants gained more acceleration based on the track record of the asset management giant.

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📰 Also read:  21Shares President Forecasts Bitcoin ETF Market to Shrink then Consolidate


Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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