BlackRock CEO Larry Fink is praising Bitcoin, calling it “digital gold” and bigger than any government. BlackRock is one of the firms to adopt the newly approved Spot Bitcoin ETF for its investors.
Speaking to Fox Business’ Charles Gasparino, Fink highlights how the Bitcoin ETF is an alternative to the diminishing value of currencies. “If you’re fearful of your government, or worrying your government is devaluing the currency, then you could see this as a a great potential long-term store of value,” Fink says. He adds “it’s like digital gold.” With the ETFs being a ledger of the growing price of Bitcoin and being cross-border, these Spot Bitcoin ETFs are valuable investments. This coincides with the months of hype and efforts to push the SEC towards approving these products.
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Fink goes on to explain that Spot Bitcoin ETFs further legitimize Bitcoin as an asset. “The advent of the Bitcoin ETF is an example that we’re legitimizing this asset class.” The approval of Spot Bitcoin ETFs is already paving the way for hype around other potential spot-crypto exchange traded funds.
Other Spot Crypto ETFs On the Way?
In particular, some asset management firms have already filed applications for another spot ETF for a leading cryptocurrency, Ethereum. Following the landmark approval of Bitcoin ETFs, the spot Ethereum ETF path doesn’t expect to be as tough as BTC was. While the SEC has made it clear that it still doesn’t technically support Bitcoin and other cryptocurrencies, the approval is a step towards more adoption of digital assets.
Speaking about BlackRock’s other ETF applications, Larry Fink didn’t deny an additional application for an XRP ETF. However, he said he couldn’t answer that question, and that Gasparino “wouldn’t want him to.” The firm already has a pending Ether ETF, which may also see approval in the future. However, it is clear that BlackRock and its CEO are forward thinking on the future of ETFs and cryptocurrency in market trading.
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Furthermore, in the same interview, Fink says that after the approval of Bitcoin ETFs, the US economy is stronger than most people think. With the additiom of these ETFs, there is now an additional resource to invest and protect money across borders. Hence, firms like BlackRock see Bitcoin as the next digital gold in the future.