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Crypto could become a great asset class, says BlackRock CEO

Larry Fink doesn't believe that crypto is a substitute for currencies.

Image by: Wikimedia Commons

Sat, 17 Apr 2021, 10:00 am UTC

BlackRock CEO Larry Fink recently shared his views on cryptocurrency in an interview on CNBC’s “Squawk Box” on Thursday. The CEO of the world’s largest asset manager believes crypto could become a great asset class but also revealed that his firm is not getting a lot of inquiries on Bitcoin (BTC) and other digital currencies from its institutional clients.

Fink was asked if his view on crypto has changed after Coinbase’s listing on Nasdaq. “I’m still fascinated about it,” he said, according to “I’m encouraged by how many people are focusing on it. I’m encouraged about the narrative. It may become a great asset class.”

However, he also pointed out that he does not believe crypto would replace fiat. “I do believe this could become a great asset class, cryptocurrency,” Fink added. “I don’t believe it’s a substitute for currencies. I think we are going to have cryptocurrencies of dollars, cryptocurrencies of other currencies.”

While Fink expressed his optimism on crypto, he also noted that BlackRock has not recent a lot of inquiries about the asset class from its institutional clients. “We’re studying it,” he told CNBC. “We make money on it, but I’m not here to tell you that we’re seeing broad-based interest by institutions worldwide.”

Fink’s statement is a bit surprising since institutional adoption of Bitcoin has been mentioned as one of the major factors for its rally. “Maybe they’re talking to somebody else, so I don’t want to suggest that we have perfect information,” he explained.

BlackRock’s institutional clients appear to be more interested in topics other than crypto. “The amount of conversation we’re having on climate risk and how they should navigate portfolios is a major component of the conversation,” Fink revealed. “The conversations about our [budget] deficits and ... on inflation risk is far more dominant with our clients worldwide than the whole conversation about crypto.”

Fink’s comments came a day after Coinbase’s direct listing on Nasdaq. The event was viewed as a major milestone for crypto’s acceptance as an asset class.

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