BlackRock CEO Larry Fink called bitcoin an “international asset” and said the investment fund wants to use its weight to make bitcoin cheaper and easier to invest.
A Bitcoin transaction costs a lot of money right now, Fink said in an interview with Fox Business. There has been hope that regulators are looking at these filings as a way to democratize cryptocurrencies.
The money management giant filed paperwork last month to set up an exchange-traded fund that invests directly in bitcoin, sparking a flurry of similar applications from rival issuers and sending the bitcoin price soaring above US$30,000. According to Bloomberg, Bitcoin rose by more than 12 per cent in June alone and more than 80 per cent since the beginning of the year.
Nasdaq recently refiled BlackRock’s application, adding details of the proposal that indicate Coinbase Global will provide market oversight for the new product. BlackRock wants to hear from U.S. regulators such as the Securities and Exchange Commission, Fink said.
Fink stated that this is seen as an opportunity. He added that they work closely with their regulators.
Bitcoin can represent an alternative, international asset akin to the “digitization of gold,” Fink said. At first, he said, he was sceptical because it was largely used for illegal activities.
BlackRock announced the establishment of an ETF bitcoin fund
At the end of last week, the cryptocurrency market received one positive piece of news, which was enough to raise optimism.
On Friday, cryptocurrencies woke up a bit after BlackRock, the world’s largest asset manager, announced that it would launch its first Bitcoin spot ETF in the United States.
In October 2021, the company ProShares offered the first bitcoin ETF ever (under the symbol BITO), which attracted a billion of capital in the first week, which the ETF fund has yet to manage to do so far. It was priced above $40 during its euphoric launch but is currently down nearly 65 per cent.
Investment fund BlackRock turned to cryptocurrency trading at the beginning of 2022.
In addition to new investments in the cryptocurrency market, let’s recall that this investment fund focused its resolutions on biodiversity and human rights in March of this year.
