CEO of BlackRock, Larry Fink seems bullish on bitcoin in his conversation with Mark Carney, the former Governor of Bank of England, at the Council on Foreign Relations. The CEO’s comments on bitcoin come amid the cryptocurrency briefly surpassing its highs last seen almost three years ago. Fink added that the cryptocurrency has caught the attention of many in Wall Street if not his own. He further said the digital currency can possibly evolve into a global market asset.
Bitcoin Can Evolve Into Global Asset: Larry Fink
As reported by CNBC, Fink in his interview said that bitcoin could have a real impact on the U.S. dollar. He wanted to emphasize that assets based on the U.S. dollar might have no significance at all in the coming times ahead based on a global scale while raising the question:
“Does it change the need for the dollar as a reserve currency?”
Also speculating “these big giant moves everyday, it’s a thin market. Can it evolve into a global market? Possibly.”
Fink further added on the cryptocurrency:
‘Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.’
Earlier last month, BlackRock’s chief investment officer, Rick Rieder speculated that bitcoin could even surpass gold as a store of value and hedge against the devaluing of fiat currencies.
BlackRock is the world’s largest asset manager with $7.4 Trillion in assets under management.
Traditional Financial Players Eyes Bitcoin
Fink’s bullish remark on bitcoin comes as rare, coming from that of a traditional financial player. However, recently bitcoin had bullish endorsements from billionaire hedge fund managers such as Stanley Druckenmiller and Paul Tudor Jones who have allocated a portion of their assets to bitcoin.
Bitcoin over the past 24 hours rose as high as $19,928 before falling downwards. The largest cryptocurrency by market capitalization is yet to surpass the $20,000 mark.