Cryptocurrency News

Bitcoin Has The Potential To Change The Global Economy – BlackRock CEO.

The CEO of the world’s leading asset management firm, BlackRock, Larry Fink, expressed his optimism regarding the longer term of Bitcoin [BTC] along with other crypto assets. Fink added that the world’s leading crypto asset has caught the eye of Wall Street.

In line with a recent official report by CNBC, the CEO of the $7.4 trillion asset manager revealed that the Bitcoin [BTC] has the potential to evolve into a worldwide market asset. Fink added that the crypto market is comparatively small in comparison to other financial markets.

The BlackRock CEO made the comments within a conversation with former Bank of England Gov., Mark Carney at the Council on Foreign Relations. The recent comments came after the fixed income Chief Investment Officer of BlackRock, Rick Rieder assumed a strong rivalry between Bitcoin and Gold to realize the title of the foremost valuable hedging asset.

“Bitcoin has caught the eye and therefore the imagination of many people. Still untested, pretty small market relative to other markets. These big giants move a day, it’s a skinny market. Can it evolve into a worldwide market? Possibly,” Fink added.

The recent comments surprised everyone as Fink criticized Bitcoin over the years. Earlier in October 2017, Fink termed bitcoin as a tool for laundering.  Later in 2018, he added that the govt won’t allow such assets to work. According to the report, Fink outlined the potential impact of virtual currencies on the USD.

“Having a digital currency features a real impact on the USD, making it less relevant on a worldwide scale for international holders of dollar-based assets,” Fink added. Within some recent months, Bitcoin has attracted tons of institutional investors including prominent billionaires and Wall Street giants.

As reported earlier, one of the highest asset managers, Guggenheim Partners filed an amendment with the SEC to hunt 10% investment exposure in Grayscale Bitcoin Trust. The legendary investor, Stan Druckenmiller became a Bitcoin bull after he made positive comments about the cryptocurrency in an interview with CNBC.

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