Larry Fink, CEO of the world’s largest money management company, BlackRock, seems to be changing his once-skeptical tone on Bitcoin and cryptocurrency.
Speaking to the former governor of the Bank of England, Mark Carney at the Council on Foreign Relations, Fink said BTC could be on a path towards evolving into a global asset.
“Bitcoin has caught the attention and imagination of many people. Many people are fascinated by it. Many are excited about it. But it’s still unproven, it’s still a relatively small market compared to other markets. We see these big, huge moves every day … it’s a thin market.
So, can it evolve into a global market? Possibly. Certainly the evidence of the imagination of so many who want to learn about or have an interest in it, for me, is a fascinating sign. ”
Fink also says the advent of digital currencies could weaken the US dollar’s status as a reserve for non-Americans.
“Having a digital currency has a real impact on the US dollar because having a digital currency makes the need for the US dollar less relevant for international holders of dollar-based assets. Does it change the need for dollar reserves if there were real digital currencies that were separated from dollar-based assets? ”
In late November, BlackRock’s chief investment officer, Rick Rieder, made a bullish case for Bitcoin, saying the digital asset is here to stay and is well on its way to replacing gold as a major store of value.
“Do I think it will largely replace gold? Yeah, I do because it’s so much more functional than passing a bar of gold around. ”
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