BlackRock CEO Larry Fink has expressed his support for cryptocurrencies as the asset manager seeks to list a spot bitcoin exchange-traded fund (ETF) in the United States. During an interview on Fox Business Channel, Fink stated that cryptocurrencies have a primary role in " digitizing gold" and urged US regulators to explore ways to directly link ETFs to Bitcoin, promoting accessibility to the asset. Fink has been active in commenting on significant cryptocurrency events, such as the collapse of FTX in 2022 and the increasing interest in B TC, throughout his tenure at BlackRock.
Fink emphasized that Bitcoin is an international asset not tied to any particular currency, making it a substitute asset for people. He suggested that investors could view bitcoin as a hedge against inflation or the devaluation of specific currencies. As the CEO of the world's largest asset manager, with over $9 trillion in assets under management, Fink's positive stance on cryptocurrencies could have far-reaching implications within and beyond the industry. Social media responses from cryptocurrency users to Fink's interview were largely positive, with some speculating that his remarks might lead to a spike in asset prices, dubbing it the "Fink pump." At the time of reporting, BTC was trading at $30,473, showing a slight 1% decline over the past 24 hours.
During Fink's leadership, BlackRock made an attempt to launch a spot BTC ETF, partnering with cryptocurrency exchange Coinbase as a custodian. However, the US Securities and Exchange Commission (SEC) has rejected all previous applications for spot BTC ETFs, leaving the approval of BlackRock's proposed investment vehicle uncertain.
