CEO Of Leading Asset Management Firm Changes His Mind On Bitcoin
coinputin.com – The manager of the world’s largest asset management firm has a positive view of the world’s first cryptocurrency.
Blackrock CEO Larry Fink said bitcoin “caught the attention” of many people and that the cryptocurrency market is still relatively small compared to others, according to a report published by CNBC on Tuesday.
Fink, speaking with former Bank of England Governor Mark Carney at the Council on Foreign Relations on Tuesday, said the nascent cryptocurrency asset class could likely evolve into a “global market asset,” CNBC reported.
According to the report, Fink said owning a digital currency has a real impact on the U.S. dollar. It also raised the question: “is it changing the need for the dollar as a reserve currency?”
The comments are still relatively small given the size of the traditional financial sector but billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones II, who have allocated some of their assets to Bitcoin, share similar views.
From Money Laundering Tool To Gold Competitor
In October 2017, Fink criticised bitcoin, saying it was a “money laundering tool” :
“Bitcoin shows how much demand there is for money laundering in the world. That’s all.”
In November 2018, he claimed it was illegal:
“I don’t think any government would allow it if they had no idea where the money was going.”
Fink’s U-turn on Bitcoin comes after BlackRock CIO Rick Rieder said the world’s largest cryptocurrency could “largely” replace gold
According to the executives ‘ website, BlackRock is the world’s largest asset manager with more than $ 7.4 trillion in Managed Assets.