On July 5, the chief executive of BlackRock Larry Fink expressed his positive stance on crypto assets. In an interview with Fox Business, the CEO confirmed that crypto assets have played a significant role in digitizing gold.
Fink urged the US regulatory agencies to review how spot Bitcoin exchange-traded funds (ETF) could revolutionize the finance sector. He outlined the benefits of Bitcoin in the finance sector.
Importance of Cryptocurrency in the Financial Sector
In his remarks, Fink confirmed that Bitcoin is an international asset since it has features largely benefitial to the finance sector. He stated that Bitcoin has no links with any currency. Instead, it can be used as an alternative asset.
From its growing proficiency, Fink suggested that investors can use Bitcoin effectively to control rising inflation. Additionally, Fink noted that Bitcoin could be implemented to address the devaluation of fiats.
Following Fink’s pro-crypto sentiments, the community demonstrated their positive stance on crypto. On social media, users praised Fink’s statement arguing that some crypto assets could positively react to the news.
In a Twitter statement issued on July 5, a crypto enthusiast called “Bitcoin Munger” stated that the CEO was in a different league from other Bitcoin investors. The Twitter user predicted that some of the prices of the crypto assets would establish an upswing to create Fink Pump.
Is Bitcoin an International Asset?
Recently the BlackRock team has taken strategic action to push the adoption of Bitcoin to institutional clients. In a recent filing, the BlackRock team revealed plans to provide customers with digital asset services through a spot Bitcoin exchange fund (ETF).
A report captured by the Wall Street Journal revealed that the US Securities and exchange commission (SEC) rejected BlackRock’s filing since it was unclear and insufficient. On July 3, the asset management firm resubmitted its filing for spot Bitcoin ETF after revising its previous filing. Currently, the SEC has not provided any information concerning BlackRock’s filing.
Elsewhere the chief executive of Yield App, Tim Frost, penned an email outlining the possibility of recovering the crypto sector from the 18 monthly bearish market. The CEO noted the difference in the price movement of Bitcoin in 2019 and 2020.
He said that Bitcoin has been hovering around the $28000 and $310000 resistance levels since April. Frost mentioned that if Bitcoin could maintain its current stability, then BTC prices could surge further.
In his email, Frost noted the relationship between macroeconomics and crypto assets. Citing the Chinese qualitative easing initiative which resulted in regulatory clarity in Korea, Singapore, and Thailand Frost confirmed that the measure in place will prevent the recurrence of the FTX impolsion.
The CEO blamed the SEC for failing to take regulatory action on Celsius to stop the lending platform from selling crypto assets when the firm was nearing bankruptcy.
Review of Current Regulatory Status for Cryptos
In addition, Frost confirmed that the uncertainty in the crypto space was clearing up. Despite the changes in the crypto sector, the CEO noted the existing regulations are more clear to comprehend and comply with.
Frost explained that adopting more expedient regulations and attaining stability in crypto prices would enabled the investor to make informed long-term decision on their investments.
In 2018 Fink expressed concerns about the risk associated with crypto assets. Speaking at the New York Times Dealbook 2018 event, Fink argued that cryptos required more time to reach maturity and to be officially legitimate for BlackRock to offer digital-related services. At the event, Fink requested the government to implement measures to support cryptocurrency.
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