October 26, 2021
Bitcoin and Cryptocurrencies Will Play a 'Very Big Role' and a 'Big Opportunity' Says CEO of BlackRock - Cryptocurrencies

Bitcoin and Cryptocurrencies Will Play a ‘Very Big Role’ and a ‘Big Opportunity’ Says CEO of BlackRock – Cryptocurrencies

Larry Fink, CEO of Da BlackRock

São Paulo – Larry Fink, CEO of the world’s largest third-party asset manager, BlackRock, said Wednesday (13) that he sees a “tremendous opportunity” in digital currencies, and does not rule out the possibility that Bitcoin (BTC) Be a long-term winner.

In an interview with CNBC, Fink admitted that he is not an expert on the subject and, therefore, will not be able to determine whether bitcoin “goes to $80,000 or zero.” On the other hand, he admitted that he was fascinated by people’s interest in cryptocurrencies.

“I have more conversations with people on the street about cryptocurrency than anything else,” he said. “But if this works out in the long-term, we will see. I see huge opportunity in cryptocurrency and blockchain-related currencies, and I think things are going that way and we will have big winners – and some big losers.”

Despite the excitement, Fink said he is still leaning toward Jimmy Dimon, citing the opposite view of JP Morgan Chase CEO’s on Bitcoin.

Recently, Dimon described the world’s main digital currency as “useless”, but acknowledged that there is interest among the bank’s clients and that is why the institution will provide access to this market.

The BlackRock CEO did not mention plans to accompany JP Morgan and offer investment products in Cryptocurrency to its clients, but admitted that the manager is studying blockchain and the entire crypto concept.

He noted, “I think there’s a big role for digital currency, whatever it takes, whether it’s bitcoin or something else, like an official government currency, or a digital dollar.”

The data shows a change in market perception compared to July, when Fink said there was little customer demand for bitcoin and cryptocurrency products in general. At the time, Bitcoin was trading at less than $29,000, a correction of more than 55% from the $65,000 high recorded in April.

However, in the same month, the manager will invest 54 bitcoin futures contracts on the CME, which will result in a profit of $369,000 (about R$2 million) in August. However, the amount is a small part of the approximately $9.5 trillion managed by BlackRock.

(with CNBC)

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