The world’s largest asset supervisor with $9.5 trillion underneath administration, Blackrock, sees “little or no” demand for cryptocurrencies, together with bitcoin, based on CEO Larry Fink.
Blackrock’s CEO Talks About Crypto Demand
Larry Fink, the CEO of Blackrock, the world’s largest asset supervisor, talked about bitcoin on CNBC Wednesday as his agency introduced a better-than-expected quarterly revenue. Blackrock’s property underneath administration jumped to a report $9.49 trillion within the second quarter from $7.32 trillion a yr earlier.
Reiterating his earlier stance on cryptocurrency, Fink mentioned: “Once more, in my final two weeks of enterprise journey, not one query had been requested about that. That’s simply not a part of the give attention to retirement and long-term buyers.” The CEO added:
We see little or no by way of investor demand on these sorts of issues. However, fairly frankly, they could not come to Blackrock for these sorts of demand.
He continued: “However, I’d say for all of the pension funds and the insurance coverage firms, for all of the RIAs that we’re speaking to for his or her purchasers on behalf of their retirement, the dialogue is about how ought to I navigate my portfolio, how ought to I take into consideration my portfolio over an extended horizon.”
Whereas the Blackrock CEO has repeatedly mentioned that his asset administration agency doesn’t see demand for cryptocurrencies amongst its purchasers, he isn’t bearish on the long run prospects of cryptocurrency.
In December final yr, Fink mentioned that bitcoin makes the U.S. greenback much less related and “can evolve into a world market.” In November, Blackrock’s chief funding officer mentioned that cryptocurrency is right here to remain and bitcoin might exchange gold. In March, one other Blackrock consultant mentioned that gold is much less efficient as a hedge towards inflation than bitcoin and in April, Fink mentioned that crypto might turn out to be a “nice asset class.”
Blackrock began investing in bitcoin in February. An SEC submitting in April confirmed that Blackrock held bitcoin futures contracts price $6.15 million.
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