14 Apr Former Crypto Sceptic Larry Fink Says BlackRock is Studying Digital Assets
Larry Fink – CEO of the multinational investment management corporation BlackRock – seems more and more convinced of the merits of the cryptocurrency industry. He said his company is studying digital assets broadly, while clients have recently shown great interest in the sector.
BlackRock Marching Towards Crypto
The Chief Executive Officer of BlackRock – Larry Fink – was nowhere near that supportive of the cryptocurrency universe back in the days. In 2017, he described bitcoin as an “index of money laundering,” putting his name next to the likes of Warren Buffett and Jamie Dimon, who are prominent critics of the primary digital asset.
However, a few years later, Fink started softening his tone on the matter. In 2020, he said bitcoin had caught the attention of broad society, predicting that it could emerge as a global market. Fink went further, opining that BTC’s advancement could even threaten the US dollar’s dominance as the world’s reserve currency.
Last year, the CEO doubled down on his support, forecasting that the digital asset could become a reliable source of value. All it needs is time to endure and prove itself, he added.
In a recent interview, he displayed his stance once again, saying BlackRock is currently “studying digital currencies, stablecoins, and the underlying technologies to understand how they can help us serve our clients.” Fink further noted that customers’ interest in the sector had surged lately.
Last month, the top executive touched upon the military conflict between Russia and Ukraine and its relation to the world of crypto. Similar to other experts, he argued that the war could harm fiat currencies and boost the adoption of bitcoin and altcoins.
BlackRock Invested in Circle
Earlier this week, the global fintech firm that issues USDC stablecoins – Circle – secured a $400 million fundraiser as one of the investment giants that financially backed the initiative was BlackRock. Apart from that, the world’s largest asset manager joined forces with Circle to explore applications for USDC in capital markets.
Commenting on the collaboration was Jeremy Allaire – CEO of the fintech organization:
“Dollar digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure sits at the center of that change. It’s particularly gratifying to add BlackRock as a strategic investor in the company. We look forward to developing our partnership.”
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