The CEO of BlackRock, a leading global asset management firm with over $9 trillion in client assets, made positive remarks about Bitcoin.
In his statement on Fox Business on July 5th, CEO Larry Fink of BlackRock said:
“Bitcoin is a global asset… It can represent an asset that people can use as an alternative solution.”
Fink suggests that investors can turn to Bitcoin as a hedge against inflation or the depreciation of certain specific currencies.
With over $9 trillion in assets under management as of April 2023, Fink’s endorsement of cryptocurrencies has the potential to generate strong waves of support from the community.
The cryptocurrency user community on social media has responded positively following Fink’s interview.
Many investors believe that Fink’s comments could potentially cause a sharp increase in the price of certain assets, a phenomenon often referred to as the “Fink Pump.”
BlackRock, along with major asset management firms such as Valkyrie, Fidelity, WisdomTree, VanEck, Invesco, and ARK, have submitted or are in the process of resubmitting applications for Bitcoin ETFs to the U.S. Securities and Exchange Commission (SEC).
The SEC has yet to approve any Bitcoin ETF applications for immediate trading. However, many believe that it’s only a matter of time before the SEC gives the green light to these registration requests.
see more : The SEC has announced that recent filings are incomplete, and all pending proposals for Bitcoin ETFs have been returned