Bitcoin Could Evolve Into A Global Market, Says Head Of The World’s Largest Asse

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Bitcoin Could Evolve Into A Global Market, Says Head Of The World’s Largest Asset Firm

2020 will go down as the year that powerful bitcoin narratives changed especially among traditional financiers and institutional clients who have long had reservations about cryptocurrencies. The likes of Paul Tudor Jones and MicroStrategy’s Michael Saylor are two of many who have become staunch bitcoin advocates. Now, it appears that bitcoin has another fan.

The head of BlackRock, the world’s largest asset manager which oversees approximately $7.43 trillion of assets, has issued somewhat positive remarks about the market-leading cryptocurrency.

Larry Fink, BlackRock’s CEO stated that bitcoin has so far “caught the attention and the imagination of many people”, although the bitcoin market is still fairly small as compared to other markets, according to a Dec.1 CNBC report.

Speaking during a conversation with Mark Carney, ex-head of Bank of England at the Council on Foreign Relations (CFR), Fink noted that the burgeoning bitcoin market has the potential to evolve into a global market.

Larry Fink’s recent statements on bitcoin represent a complete u-turn in his stance. In an interview with CNBC in October 2017, he lambasted bitcoin by describing it as “an index for money laundering”. He said at the time: “Bitcoin just shows you how much demand for money laundering there is in the world. That’s all it is.”

Fast forward to 2020 and the Wall Street CEO is singing a different tune. Fink’s comments come right after BlackRock’s CIO of Global Fixed Income Rick Rieder stated that bitcoin “will take the place of gold to a large extent [because] it is so much more functional than passing a bar of gold around.”

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