Larry Fink, CEO of the world’s largest asset manager, BlackRock Inc. BLK, said that the future of cryptocurrencies, including Bitcoin BTC/USD, will not be influenced by the outcome of the upcoming presidential election.
What Happened: During the company’s recent third-quarter earnings call, Fink was asked about the potential opportunities for the company in the wake of a more cryptocurrency-friendly administration in Washington, D.C.
In response, Fink said, “Well, first, I’m not sure if either president or other candidate would make a difference.”
He expressed optimism that overall usage of digital currencies will expand nonetheless, as institutions worldwide looked for ways to allocate to the asset class.
“But I truly don’t believe it’s a function of regulation, of more regulation, less regulation. I think it’s a function of liquidity and transparency,” Fink added.
Reaffirming his positive outlook on Bitcoin, Fink deemed it a unique asset class, comparable to commodities like gold, and predicted an expansion in its investment appeal.
Why It Matters: Fink is known for his bold bet on Bitcoin, a marked reversal from his skepticism a few years back.
BlackRock, which is sitting on assets worth $11.5 trillion, has advocated for Bitcoin as a safeguard against the U.S. fiscal deficit.
BlackRock’s iShares Bitcoin Trust ETF IBIT has become the world’s largest Bitcoin investment fund since its launch earlier this year, holding assets worth $24.45 billion, according to SoSo Value.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,470.43, up 2.24% in the last 24 hours, according to data from Benzinga Pro. Shares of BlackRock closed 0.19% higher at $992.18 during Monday’s trading session.
Image via Flickr/ Jolanda Flubacher
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