larry finkCEO of the world's largest asset management company, Black Rock Co., Ltd.. BLKregarding the future of cryptocurrencies. Bitcoin BTC/USDis not affected by the outcome of the upcoming presidential election.
what happened: During the company's recent third-quarter earnings call, Fink was asked about potential opportunities for the company as the administration in Washington, DC becomes more crypto-friendly.
“First of all, we don't know whether the president or the other candidates are going to make a difference,” Fink said.
Still, he expressed optimism that the overall use of digital currencies will grow as institutions around the world look for ways to allocate them to the asset class.
“But I don't really believe that it's a function of regulation or more regulation or less regulation. I think it's a function of liquidity and transparency,” Fink added. .
Mr. Fink reaffirmed his positive outlook on Bitcoin, viewing it as a unique asset class comparable to commodities such as gold and predicting its investment appeal will expand.
Related article: Trump supporter World Liberty Financial says dollar-pegged stablecoins, not Bitcoin, are the best way to 'make America great'
why is it important: Mr. Fink is known for his bold bets on Bitcoin, a change from his skepticism a few years ago.
BlackRock, which has assets worth $11.5 trillion, advocates Bitcoin as a safeguard against the US budget deficit.
black rock iShares Bitcoin Trust ETF ibit Since its founding earlier this year, it has become the world's largest Bitcoin investment fund with $24.45 billion worth of assets, according to SoSo Value.
price actionAt the time of writing, Bitcoin was trading at $65,470.43, up 2.24% in the past 24 hours, according to data from Benzinga Pro. BlackRock stock closed 0.19% higher at $992.18 during Monday's trading session.
Image via Flickr/Jolanda Flubacher
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