World’s Largest Fund Manager: “Bitcoin Is A Global Asset”
Coinputin.com – Larry Fink, chief executive of asset management firm BlackRock, made the positive bitcoin disclosures in a speech earlier this week at the Council of Foreign Relations, a nonprofit. He said bitcoin had “captured the attention and imagination of many people” and was poised to grow as an asset class.
The comments came as Bitcoin rose above its all-time high of around $ 19,800 before plunging below $ 19,000 on several crypto exchanges yesterday. Since then, Bitcoin has returned to 19 thousand, but has lost some momentum.
Fink noted that Bitcoin remains a niche Sunday with great upside potential. ” It’s still untested, it’s a pretty small market compared to other markets, ” he said.
He also noted the asset’s famous volatility (Bitcoin fell $ 900 in minutes, just yesterday), but noted the upside potential. Fink, used the following expressions:
“A FRAGILE MARKET. CAN IT TRANSFORM INTO A GLOBAL MARKET? PROBABLY.”
BlackRock, the world’s largest fund manager with $ 7.2 trillion in assets, caters to family offices, retail investors, fund managers and pension funds. Although it has not yet fully immersed itself in the crypto market, some of the firm’s top executives have previously said positive things about cryptocurrencies.
BlackRock CIO: Bitcoin will be permanent
Last month, BlackRock CIO Rick Reider said Bitcoin could replace gold and “become permanent.” He added that the asset showed strength that it would be incredibly permanent and, unlike the sell-off metal, it was generally well received by Generation Y. Reider said::
“DO I THINK IT’S A DURABLE MECHANISM, WILL IT LARGELY REPLACE GOLD? YEAH, BECAUSE IT’S A LOT MORE FUNCTIONAL THAN WALKING AROUND WITH A BULLION OF GOLD.”
At this time, BlackRock is holding a small amount indirectly, although it has not yet officially announced its investment in BTC. The fund manager owns 15% of Microstategy, which announced it invested $ 425 million in Bitcoin this summer.
MicroStrategy’s investment has already earned 60%. This may be a return that Blackrock cannot ignore.