The CEO of Blackrock, the world’s largest asset manager, says that he is fascinated by cryptocurrency, believing that it could become a “great asset class.” However, he said that Blackrock has not received many inquiries from its institutional clients about having bitcoin in their portfolios.
Blackrock’s CEO ‘Fascinated’ About Crypto
Following Coinbase’s IPO via a direct listing on Nasdaq, Blackrock CEO Larry Fink was asked in an interview with CNBC Wednesday whether his view on cryptocurrency has changed. Blackrock is the world’s largest asset manager, with more than $8.7 trillion in assets under management.
“I’m still fascinated about it,” he began. “I’m encouraged by how many people are focusing on it. I’m encouraged about the narrative. It may become a great asset class.” He emphasized, “I do believe this could become a great asset class, cryptocurrency.” However, the executive noted: “I don’t believe it’s a substitute for currencies. I think we are going to have cryptocurrencies of dollars, cryptocurrencies of other currencies.”
The Blackrock CEO elaborated:
I don’t believe we should think about crypto as a substitute for currencies. I am fascinated by it as an asset class.
He clarified: “I am still watching … We are investing in it … We are studying it. We made money on it.” Nonetheless, he revealed: “Our investors worldwide, we don’t have that much inquiry on it.”
Fink was specifically asked whether Blackrock’s institutional clients are asking him about bitcoin and cryptocurrencies regarding having some exposure in their portfolios, because that is the narrative that the market has been focusing on, including in the valuation of Coinbase.
“We are not having those conversations,” he affirmed, but quickly added that “maybe they are talking to somebody else.” He clarified: “I don’t want to suggest that we have perfect information but our broad base…