BlackRock CEO Larry Fink discussed his views on cryptocurrency and a crypto ETF in recent days. Based on what he said, a BlackRock crypto ETF is not likely any time soon.
CEO Larry Fink acknowledges a Big future for Cryptocurrency
“I do see one day where we could have electronic trading for a currency that could be a store of wealth. But right now the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing”
When one reporter asked Fink specifically whether he would ever support a crypto ETF, he replied “I wouldn’t say never. When it’s legitimate, yes.”
The BlackRock CEO is also critical of Cryptocurrency Anonymity Issues
He remarks on its use in illicit dealings, and he calls for greater centralization:
“It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going for tax evasion and all of these other issues.”
Right now, the general climate is that big companies tend to think crypto needs regulation, but blockchain itself is the wave of the future. In fact, some of the biggest companies in the world — Amazon, Bank of America, and Walmart — are involved with blockchain and are either using or developing it currently.
Fink himself says, “We are a huge believer in blockchain. The biggest use for blockchain will be in mortgages, mortgage applications, mortgage ownership, anything that’s labored with paper.”
Meanwhile, we still await the first Bitcoin ETF
While some big hedge funds and other investors are backing crypto, a lot are waiting for more security. Many investors await a concrete decision about crypto ETFs, and many financial companies have applied for one and been rejected. The SEC continues to deliberate, commenting “significant investor protection issues need to be examined” first.
Fink’s comments will likely disappoint many hopefuls, since rumors stirred not long ago that Coinbase and BlackRock might have an ETF in the works. But there are some financial firms ready to take the leap. VanEck currently awaits an SEC decision on their ETF.
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The post Larry Fink: BlackRock Won’t Offer Crypto ETF until Industry is Legitimate by Eric Van Orman appeared first on BittPress.