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The CEO of Blackrock, the world’s largest asset manager, said bitcoin “can evolve in a global market.” Furthermore, the cryptocurrency has a “real impact on the US dollar”, making the need for the USD “less relevant”.
Bitcoin evolves into a global market
Blackrock CEO Larry Fink made some bullish statements on bitcoin in a conversation with former Bank of England Governor Mark Carney at the Council on Foreign Relations symposium on Tuesday.
Blackrock is the largest asset manager in the world with over $ 7 trillion in assets under management.
“Bitcoin has captured the attention and imagination of many people,” Fink said. “We see this as something real,” he continued, but noted that the market for cryptocurrency is “still untested. It’s still a rather small market compared to other markets.” While stressing that the price of bitcoin sees “these big giant movements every day. It’s a thin market, “said Blackrock’s CEO:
Can it evolve into a global market? Possibly.
He elaborated: “Certainly thanks to the test of the imagination of so many who want to learn it or are interested in it. For me it is a very significant sign. “The CEO went on to point out that a page on the Blackrock website on bitcoin recently generated around 600,000 views compared to the pages on monetary policy and Covid-19, which only saw around 3,000 views each.
Bitcoin has a real impact on the US dollar
Fink also shared his take on bitcoin’s impact on the US dollar with Carney. He stated that “Having a digital currency has a real impact on the US dollar,” elaborating:
Having a digital currency makes the need for the US dollar less relevant.
The CEO of the world’s largest asset manager clarified: “I don’t speak for Americans. I’m talking about international holders of dollar-based assets. “He then raised the question of whether cryptocurrency changes” the need for the dollar as a reserve currency, if there was a true digital currency separate from dollar-based assets. “
Fink’s comments follow another positive view on bitcoin from Blackrock’s Chief Investment Officer (CIO) of global fixed income, Rick Rieder. Last month he said that “cryptocurrency is here to stay” and bitcoin “is an enduring mechanism that could replace gold” as a store of value and hedge against the devaluation of fiat currencies.
A growing number of hedge fund luminaries have also spoken out in favor of bitcoin, including Paul Tudor Jones, Bill Miller, is Stan Druckermiller.
Do you agree with Blackrock CEO Larry Fink on bitcoin and the US dollar? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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