In a recent statement that has ignited considerable buzz in the financial world, Larry Fink the CEO of BlackRock, the world’s largest asset management firm, boldly proclaimed the transformative potential of cryptocurrencies on the global stage. With a forward-thinking perspective, the CEO emphasized in an interview with CNBC that Bitcoin could transcend traditional international currencies.
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BlackRock’s CEO noted that crypto possesses qualities that defy the limitations of conventional money. These digital currencies are not bound by geographical borders, allowing for frictionless cross-border transactions. Furthermore, their decentralized nature removes the need for intermediaries and minimizes transaction costs, making them an appealing alternative to traditional payment systems.
Although the CEO’s remark was met with significant interest and discussion, it is important to note the evolving nature of the cryptocurrency landscape. As such, Larry has illuminated the transformative potential that cryptocurrencies hold, signaling a shift in how we perceive and navigate the global financial system.
BlackRock CEO Compares Bitcoin to Digitizing Gold
Recall that early this month, Larry in his own opinion said Bitcoin (BTC), the largest cryptocurrency by market capitalization is “digitizing gold”. Although he said he does not own any personally, he noted that he is a believer in the digitization of products. He further added that “Bitcoin is an international asset, as such, can represent an asset that people can play as an alternative”.
In an interview with Fox Business, he said “We have a good track record working with our regulators and trying to make sure we’re thinking about all the issues around the filing, as such we will make crypto more decentralized and much cheaper for investors”.
Tokenization to Improve Payment Systems
The BlackRock executive also discussed improvements in payment systems and financial inclusion in emerging economies including Brazil, India, and some regions of Africa, he claimed that industrialized markets in the United States are trailing behind in terms of payment innovation.
Larry believes that as the digital world expands, new opportunities may appear despite the collapse of big crypto companies like FTX exchange.
BlackRock Applies for Spot Bitcoin ETF with SEC
It is worth noting that BlackRock, in partnership with American cryptocurrency exchange Coinbase, presented a proposal to the United States Securities and Exchange Commission (US SEC) in June for a Spot Bitcoin Exchange Traded Fund (BTC ETF).
The investment management company is set to engage Coinbase custody for the ETF while also using the crypto exchange’s spot market data for pricing.
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