BlackRock Evaluating Crypto and Blockchain, CEO Larry Fink Says
Chief Executive Officer of the world’s biggest asset management firm BlackRock, Larry Fink, revealed that he doesn’t see much value in digital currencies (yet). Appearing in CNBC’s Squawk Box he said that he partly sides with JP Morgan’s CEO Jamie Dimon who believes that crypto is “worthless”.
Fink responded to the questions whether he had any change of heart when it comes to providing crypto products or exposure to investors. The CEO said that BlackRock is doing their due diligence and are in the process of evaluating cryptocurrencies and general blockchain technology. He further stated that he is clueless whether the asset would shoot upwards or spiral downwards.
Nonetheless he did acknowledge the role of crypto in diversification of investment portfolio’s. Fink is certain that digital assets will play a big role in the future. He said:
“I’m not a student of Bitcoin, and where it’s going to go so, I can’t tell you whether it’s going to $80,000 or zero. But I do believe there is a huge role for a digitised currency, and I believe that’s going to help consumers worldwide.”
Six months ago, the CEO of the asset manager with $9 trillion under management. echoed similar sentiments.
“I’m still fascinated about it, I’m encouraged by how many people are focusing on it, I’m encouraged about the narrative that it may become a great asset class. And I do believe this could become a great asset class,”
In the interview, Fink also discussed China and the relationships they manage in the country.
“I’m probably more on the Jamie Dimon camp,” says Larry Fink on #crypto. “I’m not a student of #bitcoin and where it’s going to go so I can’t tell you whether it’s going to $80K or 0. But I do believe there is a huge role for a digitized currency.” pic.twitter.com/xNn4NBNefr
— Squawk Box (@SquawkCNBC) October 13, 2021
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Author: Peter Siu