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The CEO of Blackrock, the world’s largest asset manager, said that bitcoin “can evolve into a global market.” Moreover, the cryptocurrency has a “real impact on the U.S. dollar,” making the need for the USD “less relevant.”
Bitcoin Evolving Into a Global Market
Blackrock CEO Larry Fink made some bullish statements about bitcoin in a conversation with former Bank of England Governor Mark Carney at the Council on Foreign Relations symposium on Tuesday.
Blackrock is the world’s largest asset manager with over $7 trillion in assets under management.
“Bitcoin has caught the attention and the imagination of many people,” Fink said. “We look at it as something that is real,” he continued but noted that the market for the cryptocurrency is “still untested. It’s still a pretty small market relative to other markets.” While pointing out that bitcoin’s price sees “these big giant movements every day. It’s a thin market,” the Blackrock CEO said:
Can it evolve into a global market? Possibly.
He elaborated: “Certainly by evidence of the imagination of so many who want to learn it or are interested in it. To me, it’s a very telling sign.” The CEO proceeded to point out that a page on the Blackrock website about bitcoin recently generated about 600,000 views compared to pages on monetary policy and Covid-19, which only saw about 3,000 views each.
Bitcoin Has Real Impact on US Dollar
Fink also shared his view about bitcoin’s impact on the U.S. dollar with Carney. He asserted that “Having a digital currency has real impact on the U.S. dollar,” elaborating:
Having a digital currency makes the need for the U.S. dollar to be less relevant.
The CEO of the world’s largest asset manager clarified: “I’m not talking about for Americans. I’m talking about for 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 that was separated from dollar-based assets.”
Fink’s comments follow another positive view about bitcoin by Blackrock’s Chief Investment Officer (CIO) of Global Fixed Income, Rick Rieder. He said last month that “cryptocurrency is here to stay” and bitcoin “is a durable 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 come out to endorse bitcoin, including Paul Tudor Jones, Bill Miller, and Stan Druckenmiller.
Do you agree with Blackrock CEO Larry Fink about bitcoin and the US dollar? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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