Larry Fink stands as the CEO of BlackRock, the largest asset management firm the world has to offer. Recently, Fink had expressed his optimism regarding cryptocurrencies as a whole, Bitcoin in particular, and their respective futures going forward. The world’s biggest cryptocurrency, according to Fink, has seemingly caught the eye of Wall Street.
Fink Bullish For Bitcoin
Through a report made by CNBC, the CEO of BlackRock, an asset manager worth $7.4 trillion, stated that Bitcoin has the potential of evolving into a mainstream global market asset. Fink was quick to highlight the relatively small size of the crypto market at large once you compare it to various other financial markets.
These comments were made by the BlackRock CEO in a conversation he had with Mark Carney, former Governor of the Bank of England. These two discussed this at the Council on Foreign Relations. The comments themselves happen just after Rick Rieder, the Chief Investment Officer of Fixed Income for BlackRock, made a prediction that Gold and Bitcoin would battle it out for the title of “most valuable hedging asset.”
A Definitive Change In Sentiment
Fink went further, explaining that the imagination and attention of many are now focused entirely on Bitcoin, highlighted its relatively small market and untested environment. From there, Fink estimated that it’s quite possible for Bitcoin to evolve into a global market, as opposed to its relatively thin one now.
Fink stands as the latest public figure that openly criticized Bitcoin who found themselves changing their tune rather dramatically. It was just three years ago, in October of 2017, when Fink proclaimed Bitcoin as nothing more than a money-laundering tool. Back in 2018, the man had stated that the government would not allow assets such as Bitcoin to operate.
Bitcoin Grows While USD Shrinks
In that report, he explained that the BItcoin could do a lot of damage to the USD and its overall supremacy. The man held fears that the USD would lose its global relevance when it comes to international holders of dollar-based assets. However, a lot has changed since then, with institutional investors coming into the Bitcoin space by the droves. This includes everything from Wall Street giants to billionaire investors.
Indeed, the US is having some interesting times, suffering a tumbling USD. As the USD is going to levels last seen in April of 2018, the Bitcoin is briefly slipping past its all-time high, before going back to just under it. This tantalizing dance had been picked up by Reuters of all things, a mainstream news agency that has very little good to say about Bitcoin, until now, it seems.