Bedrock CEO believes cryptocurrency could become a great asset class

Larry Fink

The CEO of Bedrock, the world’s largest asset manager, is fascinated by cryptocurrency, and believes that these digital coins could become a great asset class.

That said, his firm has not yet received many inquiries from its institutional clients about having Bitcoin in their portfolios — which can either be a good thing or bad. What this means is that there is a whole class of investors that are yet to dip their toes into the world of cryptocurrencies.

Blackrock is the world’s largest asset manager with more than $8.7 trillion in assets under management.

And its CEO Larry Fink was asked in an interview with CNBC Wednesday whether his views on cryptocurrency had changed following the Coinbase IPO via a direct listing on Nasdaq.

His reply:

“I’m still fascinated about it. I’m encouraged by how many people are focusing on it. I’m encouraged about the narrative. It may become a great asset class. I do believe this could become a great asset class, cryptocurrency. I don’t believe it’s a substitute for currencies. I think we are going to have cryptocurrencies of dollars, cryptocurrencies of other currencies.”

He elaborated that he did not believe we should think about crypto as a substitute for currencies.

And when ask specifically whether institutional clients are inquiring about Bitcoin and other cryptocurrencies, Fink said that his company has not had this conversation with its worldwide clients. It’s entirely possible that perhaps they are talking to somebody else.

Fink capped it off by saying that while he does believe that there is a real and growing component of the financial markets about crypto, there conversation about crypto is a very minor conversation compared to others when it comes to sovereign wealth fund, from pension funds, from retirement services.

Institutional clients, in his experience, focus more on climate risks.


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