French Bybit Users Face Service Shutdown—Withdrawals End in Weeks
BlackRock’s Larry Fink Calls Bitcoin a Rival to Gold in Investment Strategy
(Originally posted on : Crypto News – iGaming.org )
Larry Fink, CEO of BlackRock, the world’s largest asset manager, has reaffirmed Bitcoin’s rising importance in global finance, positioning it as an asset class comparable to commodities like gold. Speaking during BlackRock’s Q3 2024 earnings call, Fink expressed confidence in Bitcoin’s long-term value, predicting greater adoption and liquidity will drive future growth. He stated, “We believe bitcoin is an asset class in itself,” highlighting its potential as an alternative to traditional assets like gold.
Expanding Digital Asset Products
During the call, Fink discussed BlackRock’s continued innovation in the cryptocurrency space. The firm’s bitcoin exchange-traded fund (ETF) has already garnered $17 billion in inflows and more, showing strong investor interest. BlackRock also recently launched an Ethereum ETF, which accumulated over $1 billion within two months of trading. Fink emphasized that these offerings align with BlackRock’s mission to simplify and democratize investing, noting, “We will continue to pioneer new products to be making investing easier and more affordable.”
He downplayed the impact of regulatory changes on the digital asset market, emphasizing that broader acceptance and improved liquidity would fuel expansion more than regulation. “I don’t believe it’s a function of regulation,” Fink remarked, stressing that transparency and analytics would play crucial roles in the growth of digital markets, similar to the evolution of other financial sectors like mortgages and high-yield bonds.
Looking beyond cryptocurrencies, Fink discussed the potential of blockchain technology in the wider financial system. He pointed to the success of central bank digital currencies (CBDCs) in countries like India and Brazil, predicting that blockchain combined with artificial intelligence will revolutionize markets. He added, “We believe the technology of these blockchains are going to become very additive,” indicating that digital assets, analytics, and AI will drive the next wave of financial innovation.