Larry Fink, the chief executive of BlackRock, announced on Friday, July 14, the importance of cryptocurrency in democratizing global investing. The CEO stated that crypto assets have gained popularity among company investors.
Speaking at an interview with CNBC Squawk, the CEO confessed that high number of global investors are seeking the asset manager for advice on crypto investment. The CEO explained that crypto assets have a differentiating value in supporting diversified portfolios compared to other traditional asset. In his statement, Fink forecasted that with the growing popularity of cryptocurrency at the international level, it would transcend other currencies.
Will Crypto Transend other International Currencies?
The BlackRock team recently made meaningful strides to introduce crypto to its asset management services. BlackRock ranks among the top-performing asset management firm, managing assets worth $8 trillion from multiple investment portfolios.
In June, the asset manager filed for spot Bitcoin exchange-traded funds (ETF). The US Securities and Exchange Commission (SEC) rejected the BlackRock filing since it was insufficient. At the beginning of July, BlackRock revised its spot Bitcoin ETF document and resubmitted its application.
Following the resubmission of BlackRock’s filing, the community has renewed its optimism that the asset manager will be the first spot Bitcoin ETF to receive SEC approval.
At the interview, one CNBC Squawk official asked whether the SEC had issued feedback on the BlackRock application. Responding to the question, the CEO claimed that the BlackRock team continues to work with the regulators. Fink argued that the asset manager plans to ensure the product is safe and protected.
SEC Rejects Spots Bitcoin ETF
Over the past, the SEC had disapproved most of the Bitcoin ETF submissions due to compliance concerns. Since January, several firms, including WisdomTree, ARK, and VanEck, have been seeking SEC approval for spot Bitcoin ETF.
Despite the SEC’s reluctance to approve Bitcoin ETF, the community is reassured that the market regulator will greenlight the BlackRock application. In the previous submission, the BlackRock team received several Bitcoin ETF approvals in different regions. The BlackRock commendable achievement has sparked speculation on whether the SEC will approve its spot Bitcoin ETF .
In a discussion with analysts from Bloomberg Intelligence, Eric Balchunas and his counterpart James Seyffart argued that the asset manager has submitted around 550 ETF applications, and the regulators have rejected none.
Adding to this, the CEO applauded BlackRock’s efforts in democratizing investing. Fink praised BlackRock’s remarkable achievements in the crypto space. In the latter, Fink explained the significance of the ETF in revolutionizing investing.
In addition, BlackRock’s recent development has inspired other firms to resubmit their Bitcoin ETF application to the SEC. The asset manager joins other firms such as Fidelity, Bitwise, WisdomTree, 21Shares, and Invesco, that are awaiting for SEC approval.
Unlike the US, Europe is set to launch its first Bitcoin ETF in the coming weeks. Surprisingly, the Bitcoin ETF will be offered by a best-performing asset manager in London, Jacobi.
The European regulators approved Jacobi’s application in October 2021. Since then the official launch has been delayed due to the unprecedented crypto market condition.
The post BlackRock CEO Projects Cryptocurrency to Transcend International Currencies first appeared on CryptocyNews.com.
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