Bitcoin, an untested asset in small market, but another store of wealth, says BlackRock CEO
Laurence “Larry” Fink, CEO of BlackRock, a leading money-management firm with over $6.5 trillion in assets under management spoke about Bitcoin today. Especially with regard to whether Bitcoin will play a large role from this year on.
According to the billionaire businessman, the digital asset’s market is comparatively still very small.
Members of the crypto space have countered such statements before and found that Bitcoin outperformed every other asset over the last ten years. According to Messari co-founder Dan McArdle, the digital asset had 7,837,884% gain in the last decade, while gold returned a 32% profit.
However, Fink believed that the asset was still untested and that Bitcoin has not been proven yet in terms of viability.
Additionally, Larry Fink pointed out that Bitcoin had caught the fascination of many people thanks to mainstream media coverage, of late.
The chief exec admitted his own fascination with how Bitcoin has attracted the attention of the media, and that such companies believe that Bitcoin does indeed have “a huge future.”
The Blackrock Chairman added that the Bitcoin market is not for calm investors. Citing the asset’s volatile market performance, among other issues, Fink believed that perhaps Bitcoin could be another store of wealth.
However, he believed that Bitcoin could gain much more success, only if the market broadens further. In conclusion, Fink assumed that in the future, “some form of digitized currency” could play a bigger role soon. He was uncertain whether that currency would be Bitcoin or something else.
Fink who called Bitcoin an “index of money laundering” in 2017 later changed his views on the asset. The CEO recently said that Bitcoin “could evolve into a global market asset” since it caught the “attention and imagination” of millennials. At the time, Fink also believed that the asset was a threat to the dollar, which could make the fiat “less relevant.”
Will Bitcoin play a large role in #TheYearAhead? "It's not a market for the calm. Right now it's still untested. We're watching it, we're enjoying the conversation. But it has not been proven yet." Larry Fink, Founder, Chairman & CEO, @blackrock pic.twitter.com/Ilw8WlpzZm
— Bloomberg Live (@BloombergLive) January 27, 2021