BTC
by BSC News
January 12, 2024
Larry Fink sees Bitcoin mirroring gold's historical function as a protective asset.
The CEO of BlackRock, the world's largest asset manager, Larry Fink, has drawn parallels between Bitcoin and gold, positioning cryptocurrency as an asset class with similar defensive attributes against geopolitical upheavals. During a CNBC interview, Fink regarded Bitcoin as a modern-day safeguard, much like gold in the past.
By aligning Bitcoin with gold's historical function of shielding investors from unforeseen catastrophes, Fink stresses Bitcoin's role as a hedge against geopolitical uncertainty.
Fink declared his support for an Ethereum exchange-traded fund (ETF) just days after the US Securities and Exchange Commission (SEC) greenlit 11 highly anticipated Bitcoin ETFs. During the interview, Fink expressed the belief that an Ethereum ETF holds value and views it as a pivotal step towards the broader trend of tokenization.
"I see value in having an Ethereum ETF. These are just stepping stones towards tokenization, and I really do believe this is where we're going to be going," Fink stated.
Despite the apparent momentum towards an Ethereum ETF, regulatory hurdles remain. A recent SEC filing disclosed a delay in the decision on several Ethereum ETFs, including the Grayscale Ethereum ETF and the Hashdex Nasdaq Ethereum ETF.
The postponement is slated until May 2024, raising concerns about the regulatory landscape for Ethereum-based investment products.
Reflecting on the recent approval of Bitcoin ETFs, Fink emphasized the transformative role of ETFs in financial markets.
"We believe ETFs are the technology that's going to transform every asset class," Fink asserted.
The BlackRock CEO envisions step two in this transformation journey to be the tokenization of every financial asset.
Fink anticipates tokenization as a catalyst for addressing issues like money laundering, heralding improved transparency and efficiency in financial transactions. He sees Ethereum ETFs as pivotal in advancing this transformative journey towards a tokenized financial landscape.
BlackRock's entry into the cryptocurrency market includes the iShares Bitcoin Trust (IBIT), which made its trading debut in the U.S. following the SEC's approval of Bitcoin ETFs. IBIT alone accounted for a substantial $1 billion of the total $4.6 billion trading volume collectively observed by the approved ETFs.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Related News
Latest News
April 27, 2024
Weekly Article Recap: 4/22-4/26
April 26, 2024
Terraform Labs to Restrict Access for US Users Amid SEC Legal Battle
April 26, 2024
Can Chinese Investors Buy Hong Kong's New BTC and ETH ETFs?
April 26, 2024
World's largest Asset Custodian Bank, BNY Mellon Holds Bitcoin ETFs: Report
April 26, 2024
SEC Files $5.6M Lawsuit Against Geosyn Bitcoin Miner For Fraud
April 25, 2024
Nigeria Appoints Pro-Crypto Leader to Head SEC
April 25, 2024
BNB Chain Shows Strong Growth in Q1, 2024 Report: Key Details
April 25, 2024
Ethereum Spot ETFs Is Likely to Face SEC Denial in May: Reports
More News