By Hassan Mehmood (Saudi Arabia)
Larry Fink is a well-known name in the world of finance. He is the current CEO of the biggest asset management enterprise in the world known as BlackRock. The name of the enterprises has been echoed in crypto communities on account of its Bitcoin spot ETF filing.
Fink recently declared Bitcoin to be the digital gold. His new evaluation of the flagship cryptocurrency can increase the traction around the asset class.
At the same time, his endorsement of the cryptocurrency goes a long way to attract the attention of major commercial enterprises to Bitcoin as an investment. Fink was attending an interview recently where he shared his positive stance towards the firstborn crypto.
At the same time, he also talked about Bitcoin’s role in revolutionizing the financial sector. He claimed that cryptocurrencies can make transactions more accessible and affordable.
Larry Fink Considers Bitcoin ETF as a Way to Democratize Crypto Sector
Talking about the matter of cryptocurrencies, Fink maintained that Bitcoin and cryptocurrencies are increasing financial inclusion through economic transactions. He also reflected on the matter of the Bitcoin ETF application. Fink told the media that he hopes that regulators view the ETF filing as a way to democratize the crypto sector.
It is worth noting that he has not always garnered a positive opinion concerning cryptocurrencies. Until recently he has retained opaque views concerning Bitcoin and the greater altcoin marketplace. He acknowledged the increasing traction in the cryptocurrency market and the growing interest of masses in the digital asset around the world.
On the other hand, he has voiced his concerns regarding the price volatility and regulatory issues that surround the crypto market at large. However, his latest remarks indicate the changing times and the increasing willingness of traditional financial enterprises to work with cryptocurrencies.
At present, the USA is not considered a very friendly ground for cryptocurrency development. Recently, SEC has launched a barrage of lawsuits against various cryptocurrency exchanges. Under the current circumstances, when the crypto winter is nearing its end, pressure from the regulators continues to weigh down the bullish streak.
However, BlackRock has renewed investment interest in Bitcoin by filing for a Bitcoin Spot ETF application with SEC.
The asset manager has only one failed application filed under its name throughout its career. To this effect, both commercial and retail investors have flooded their Bitcoin holdings. When the firm filed for the first ETF application on 15th June, Bitcoin was trading at $25K and is now set at $30K.
There are some speculations that the BlackRock ETF application is not bullish for the crypto market. However, the event has undoubtedly rekindled the interest of various financial giants such as Fidelity, Invesco, VanEck, and Gemini Exchange among others.
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