BlackRock CEO Yields to Bitcoin, Calls It an International Asset and Digital Gold

BlackRock's CEO Larry Fink recently expressed a bullish stance on Bitcoin in a July 5 interview with FOX Business. Previously a Bitcoin critic, Fink has joined the growing list of influential Bitcoin proponents.

Underscoring the advantages of investing in the flagship crypto asset, the once crypto skeptic hailed Bitcoin above gold and all fiat currencies during the interview.

Bitcoin Can Hedge Against Inflation and Currency Devaluation, BlackRock CEO Says

Considering that Fink once labeled Bitcoin an index of money laundering in 2017, his recent remarks suggested the CEO's stance on the cryptocurrency has changed.

According to the BlackRock CEO, Bitcoin is an international asset outside the control of any country or centralized entity and not based on any currency.

Addressing the shortcomings of fiat currencies, Fink said Bitcoin is the best hedge against currency devaluation.Also, his remark suggested that the CEO of the world's largest asset manager views Bitcoin as digital gold.

In Fink's words, I do believe that the role of crypto is digitalizing gold in many ways."

He explained that investors should choose Bitcoin instead of gold as an international asset that can hedge against inflation and currency devaluation.

BlackRock Wants to Democratize Bitcoin

Reacting to the interview, influential FOX Business journalist Eleanor Terrett disclosed that Larry Fink said BlackRock wants to democratize crypto and make it more accessible, flexible, and cheaper to invest.

Fink's remark follows a few weeks after BlackRock attempts to enter the crypto space through a spot Bitcoin ETF filing with the US SEC on June 15.If approved, BlackRock's spot BTC ETF will give investors regulated exposure to BTC.

Although the SEC has not approved BlockRock's filing, the move renewed hope among other investment managers like WisdomTree, Fidelity, ARK Invest, and Invesco, whose previous attempts to register similar products failed.

Speaking at the interview, Fink said he hopes the SEC views the spot ETF filings as a way to democratize crypto.

Spot ETF Filings Renew Investors' Hope in Bitcoin's Price Prospects

The spree of spot ETF filings followed weeks after the SEC initiated enforcement actions against two top cryptocurrency exchanges, Coinbase and Binance. News of the ETF filings generated enough buzz in the crypto market, awakening investor sentiment previously suppressed by heightened regulatory uncertainty.

The flagship digital asset at the center of the ETF filings, Bitcoin, recovered momentum, rising in value above $30,000.

This price movement raised hope among investors that if approved, BlackRock's ETF filing could push BTC's price to a new all-time high by attracting more institutional investors.

However, shortly after the ETF filings, the SEC, under Gary Gensler's chairmanship, said BlackRock's and other ETF filings were substantially unclear and inadequate. The regulator asked the firms to review their filings and resubmit.

According to reports, BlackRock has reviewed its ETF filing and resubmitted same with the SEC.

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