In a recent earnings call, BlackRock CEO Larry Fink stated that the financial giant views Bitcoin as an alternative to gold.
Bitcoin as an Alternative to Gold
Fink mentioned that BlackRock is currently engaging with various institutional investors about potential allocations in Bitcoin. This highlights the growing interest of major financial players in cryptocurrencies.
Expanding Investment to Ethereum
In January, BlackRock launched its Bitcoin ETF, which propelled its price to record highs. In July, it launched an Ethereum ETF, which, while attracting less attention, is still considered a significant move by the company.
Impact on ETFs and Criticized Markets
Fink also drew parallels between digital assets and the $11 trillion mortgage market, noting the slow start of the former but expecting BlackRock would broaden the market with better analytics and data. Interest in Bitcoin ETFs is rising; this week, they attracted around $550 million. BlackRock's IBIT brought in $79.5 million, coming in third place after Fidelity and Bitwise.
Larry Fink is confident that digital assets will soon become a significant part of the financial system, similar to the mortgage market, with BlackRock playing a key role in this process.