BlackRock’s CEO Describes Cryptocurrency as the Modern Equivalent of Precious Metal, Designates Bitcoin (BTC) as a Digitalized Asset
In a recent FOX Business interview, Larry Fink, the CEO of BlackRock, characterizes cryptocurrencies as “digital gold” while specifically classifying Bitcoin as a digital asset.
Fink asserts that cryptocurrencies fulfill a comparable role to gold, serving as a digitalized version of the precious metal. Rather than relying on traditional gold investments as a safeguard against inflation or economic uncertainties in a particular country, Bitcoin presents itself as an international asset that transcends national boundaries.
By referring to BTC as an international asset, Fink elucidates its potential to function as an alternative to gold within investment portfolios. Notably, BlackRock recently submitted an application for a Bitcoin exchange-traded fund (ETF), signaling their recognition of the cryptocurrency’s significance.
In a notable development, Nasdaq has incorporated a Coinbase surveillance sharing agreement (SSA) into a Bitcoin ETF filing. Fink expresses his hope that this particular ETF application will be viewed as a means to democratize the accessibility of cryptocurrencies.
Historically, gold has represented a reliable alternative investment to traditional fiat currencies. However, the emergence of cryptocurrencies during the past decade has increasingly positioned them as a viable alternative asset. At the forefront stands Bitcoin, the leading cryptocurrency in terms of market value. As of the time of writing, BTC holds a price of $30,484.52, as reported by CoinMarketCap, with a market capitalization of $592,101,485,120.
