BlackRock CEO: Bitcoin is digital gold

Author: Qin Jin Carbon Chain Value

Larry Fink, the legendary CEO of BlackRock, the world's largest asset management company, recently accepted interviews with "Fox Business" and CNBC respectively . It talked about topics such as "Bitcoin is digital gold" and "Ethereum ETFs are very valuable. These are just stepping stones towards tokenization. I really believe this is where we are going to go." This sparked public opinion on social media.

In an interview with "Fox Business" reporter Charles Gasparino, Fink emphasized that Bitcoin ETFs are alternatives to the shrinking currency value. "If you're afraid of your government, or if you're afraid of your government devaluing the currency, then you can look at this as a huge potential long-term store of value," Fink said. "It's like digital gold," he added. Because ETFs are a ledger of Bitcoin price growth and are cross-border, these spot Bitcoin ETFs are valuable investments. This defies months of hype and efforts to push the SEC to approve these products. And together."

Fink went on to explain that the spot Bitcoin ETF will further make Bitcoin a legalized asset. The emergence of Bitcoin ETFs is one use case where we legitimize this asset class. The approval of a spot Bitcoin ETF has paved the way for hype around other potential spot cryptocurrency exchange-traded funds.

Fink emphasized in an interview with CNBC on Friday: "I think the Ethereum ETF is very valuable. These are just stepping stones towards tokenization, I really I believe this is where we are going."

BlackRock's iShares Bitcoin Spot ETF (IBIT) first traded in the U.S. on January 11 for 11 stocks One such product comes after the U.S. Securities and Exchange Commission (SEC) approved these exchange-traded funds on January 10. IBIT accounted for approximately $1 billion of the total trading volume of $4.6 billion on the first day.

As part of its ongoing tokenization process, the asset management giant may now be looking to list an equivalent product for Ethereum.

Tokenization is essentially the creation of an investment instrument on the blockchain that is tied to a tangible asset like real estate or a car or anything else that might be in kind. Forms are associated with things that exist. Once ownership is recorded on the blockchain, assets can be traded, divided, or held securely. Fink believes that tokenization can eliminate problems related to money laundering and other corruption.

Fink also said that he does not consider cryptocurrency to be a currency but an asset class, specifically mentioning Bitcoin as "a An asset class that protects you from geopolitical risk concerns.”

The following are a few questions from CNBC’s interview with BlackRock’s legendary CEO Larry Fink compiled by Carbon Chain Value:

CNBC host: U.S. Securities and Exchange Commission Chairman Gary Ganzler made the decision to approve a Bitcoin ETF reluctantly, even reluctantly. This is a big change for you because you have been a dissident for so long.

Larry Fink: Probably in the first three years, I was opposed to it. About two years ago, I changed my mind and as I have said for the past two years, I am a Bitcoin believer.

Moderator: Are you a Bitcoin believer?

Larry Fink: I can do this. I believe in this because I am sure it is another source of wealth. I don't believe Bitcoin will be a currency, I believe it is an asset class.

Moderator: You don’t believe that Bitcoin is a currency?

Larry Fink: No. I think we are in a great era of digital currency. We will use blockchain technology.

Moderator: If Bitcoin cannot eventually become a currency and we call it digital gold (a certain asset), how important is this to the long-term value of Bitcoin? What does it mean?

Larry Fink: It means that in terms of price, I believe it will rise, which is still different from what gold has represented for thousands of years. Many people in the world are afraid of geopolitical risks, and Bitcoin is an asset that can protect your wealth. Unlike gold, we are making new gold.

Host: Yesterday, Cathie Wood (founder of Ark Capital) said on our radio that Bitcoin will rise to $600,000. You and her Are their cognitions similar?

Larry Fink: I haven't thought about it. To me, what we have to do is provide a tool that stores well. If we can achieve this, or even come close to this height, gold will represent even greater value.

We believe ETFs are a technology that will transform all asset classes. We believe everything will be done through ETFs. We believe this is just the beginning, we need to embed ETFS into various fields.

Moderator: What does that mean?

Larry Fink: Bitcoin ETFs are just the first step in the financial market revolution. The second step will be the tokenization of all financial assets.

Moderator: Are you looking forward to other cryptocurrency ETFs? Will Gary approve an Ethereum ETF? Is this something the Securities and Futures Commission must do? Or do you think we all have to go to court to see each other?

Larry Fink: I can't answer that question. But I see value in an Ethereum ETF, which, as I said, is a stepping stone toward tokenization. I truly believe that this is where we are going to be.

If you have a tokenized security, you know it the moment you buy or sell it. This is a distributed ledger technology, and with a tokenized system, all corruption can be eliminated.

Moderator: Maybe Dimon (CEO of JPMorgan Chase) will not agree with your point of view, yes to a certain extent.