Larry Fink, CEO of BlackRock, the world’s largest asset manager, has affirmed Bitcoin’s status as a legitimate investment option, likening it to gold. During the Q3 2024 earnings call on Friday, Fink discussed Bitcoin’s potential market expansion despite regulatory hurdles.
Fink expressed optimism about Bitcoin’s future growth, stating that the continued advancement in cryptocurrencies and blockchain technology will significantly impact global finance. Reiterating his belief in Bitcoin’s legitimacy as an investment, the BlackRock CEO said that asset utilization would increasingly become a global reality. He added:
“We believe bitcoin is an asset class in itself. It is an alternative to other commodities like gold.”
Prominent crypto voices like Nate Geraci and Eric Balchunas highlighted Fink’s recognition of Bitcoin and other digital assets. Shedding light on the growing acceptance of Bitcoin and Ethereum, Geraci called out critics who still linger on the ‘crypto is a scam’ narrative.
CEO of world’s largest asset manager is out here saying “bitcoin is now an asset class in itself” & talking about the expanding role of ethereum…
And you still think crypto is a scam. https://t.co/bOqSrFY8oU
— Nate Geraci (@NateGeraci) October 14, 2024
Crypto Assets’ Future Growth
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) has attracted $23 billion in inflows within nine months of the ETF’s launch in January 2024. Additionally, iShares Ethereum Trust (ETHA) recorded over $1 billion in net inflows within the first two months. Expressing enthusiasm for achieving the highest inflows, Fink suggested the firm’s plans to expand its offerings with new products, making “investing easier and more affordable.”
Read also : BlackRock: Ethereum’s Complexity Impacts ETHA ETF Growth
While the US housing market is valued at $49.6 trillion, Bitcoin has a market cap of $1.3 trillion. Despite the significant difference, Fink predicted that Bitcoin would surge to become as large as the US housing market.
Further, he outlined the key drivers of digital asset growth, emphasizing the importance of transparency, liquidity, and analytics in market expansion. Citing the growth of other markets like the mortgage markets, he said digital assets would also emerge with the expansion of better analytics and data.
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