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The CEO of Blackrock, the world\u2019s largest asset manager, says that he is fascinated by cryptocurrency, believing that it could become a \u201cgreat asset class.\u201d However, he said that Blackrock has not received many inquiries from its institutional clients about having bitcoin in their portfolios.<\/strong><\/p>\n Following Coinbase\u2019s IPO<\/a> via a direct listing on Nasdaq, Blackrock CEO Larry Fink was asked in an interview with CNBC Wednesday whether his view on cryptocurrency has changed. Blackrock is the world\u2019s largest asset manager, with more than $8.7 trillion in assets under management.<\/p>\n \u201cI\u2019m still fascinated about it,\u201d he began. \u201cI\u2019m encouraged by how many people are focusing on it. I\u2019m encouraged about the narrative. It may become a great asset class.\u201d He emphasized, \u201cI do believe this could become a great asset class, cryptocurrency.\u201d However, the executive noted: \u201cI don\u2019t believe it\u2019s a substitute for currencies. I think we are going to have cryptocurrencies of dollars, cryptocurrencies of other currencies.\u201d<\/p>\n The Blackrock CEO elaborated:<\/p>\n I don\u2019t believe we should think about crypto as a substitute for currencies. I am fascinated by it as an asset class.<\/p>\n<\/blockquote>\n He clarified: \u201cI am still watching \u2026 We are investing in it \u2026 We are studying it. We made money on it.\u201d Nonetheless, he revealed: \u201cOur investors worldwide, we don\u2019t have that much inquiry on it.\u201d<\/p>\n Fink was specifically asked whether Blackrock\u2019s institutional clients are asking him about bitcoin and cryptocurrencies regarding having some exposure in their portfolios, because that is the narrative that the market has been focusing on, including in the valuation of Coinbase.<\/p>\n \u201cWe are not having those conversations,\u201d he affirmed, but quickly added that \u201cmaybe they are talking to somebody else.\u201d He clarified: \u201cI don\u2019t want to suggest that we have perfect information but our broad base client relationships, we have had very little interconnectivity on the conversation on crypto other than a fascination.\u201d<\/p>\n He further opined: \u201cThe amount of conversation we are having on climate risk and how they can navigate their portfolios is a major component of the conversation. The conversation about deficits and the conversation we are having on inflation risk is far more dominant for our clients worldwide than the whole conversation about crypto.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n The Blackrock executive noted: \u201cWe didn\u2019t have any conversations around Reddit and Gamestop and what does that mean with our clients either, and yet it represents a major component of the markets. It\u2019s fascinating to watch.\u201d<\/p>\n In conclusion, Fink said:<\/p>\n So, I do believe there is component of the financial markets about crypto that is real, that is growing. But, if you\u2019re asking specifically about long-term investing, from sovereign wealth funds, from pension funds, from retirement services, from big family offices, the conversation about crypto is a very minor conversation compared to other conversations.<\/p>\n<\/blockquote>\n In November last year, Blackrock Chief Investment Officer of Global Fixed Income Rick Rieder said<\/a> that \u201ccryptocurrency is here to stay\u201d and bitcoin could replace gold. In December, Fink said<\/a> that bitcoin makes the U.S. dollar less relevant, noting that cryptocurrency can evolve into a global market. Blackrock then revealed in February that it had started<\/a> investing in bitcoin.<\/p>\nBlackrock\u2019s CEO \u2018Fascinated\u2019 About Crypto<\/h2>\n
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