Larry

Bitcoin

BlackRock

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 BlackRock CEO Larry Fink <a style="color: #0000ff;" href="https://x.com/EricBalchunas/status/1845944946991276494?t=-2IumZdQCD8u2eOFe5Jd7Q&amp;s=19" rel="noopener noreferrer nofollow">revealed</a> that the asset management giant now views Bitcoin as a digital alternative to gold, marking a significant shift in the firm’s stance on cryptocurrency.&nbsp;
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Fink’s comments, made during an earnings call,&nbsp; highlight BlackRock’s evolving strategy toward cryptocurrency, particularly Bitcoin and Ethereum. Earlier this year, the firm <a style="color: #0000ff;" href="https://www.blackrock.com/us/financial-professionals/investments/products/bitcoin-investing" rel="noopener noreferrer nofollow">launched</a> its first Bitcoin ETF, which contributed to Bitcoin reaching a new all-time high. Following this, BlackRock also introduced an Ethereum ETF, which, while less widely noted, was deemed a success and subsequently increased its cryptocurrency offerings.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/09/unpacking-the-impact-of-spot-bitcoin-etfs-on-the-crypto-market-since-january-2024/" rel="noopener noreferrer nofollow">Unpacking the Impact of Spot Bitcoin ETFs On the Crypto Market Since January 2024</a>
Drawing a comparison between digital assets and the $11 trillion mortgage market, Fink noted that just as the mortgage market grew rapidly following advancements in data analytics, cryptocurrencies could experience a similar trajectory under BlackRock’s guidance. He suggested that as more institutions adopt digital currencies, the market could see exponential growth.
Recent trends in Bitcoin ETFs also reflect growing institutional confidence in digital assets. <a href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow">According to Farside Investors</a>, BlackRock’s IBIT ETF attracted $79.5 million in inflows, ranking third in total fund inflows behind Fidelity’s FBTC, which garnered $239.3 million, and Bitwise’s BITB, with $101.1 million for the trading day that ended on October 14, 2024. These inflows, some of the largest since the inception of Bitcoin ETFs, indicate a growing recognition of cryptocurrency as a legitimate asset class among investors.
This comment also comes as BlackRock engages institutional investors in discussions around cryptocurrency <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/spot-crypto-etfs-launch-in-hong-kong-creates-alternative-options-for-chinese-investors-industry-stakeholders/" rel="noopener noreferrer nofollow">investments</a>, signalling increasing interest from major traditional financial players in the digital asset space. For instance, <a style="color: #0000ff;" href="https://www.mastercard.com/news/perspectives/featured-topics/fintech/innovating-acceptance-mastercard-launches-program-for-startups-seeking-to-extend-digital-payments/" rel="noopener noreferrer nofollow">MasterCard</a> has been actively expanding its footprint in the digital asset space through its Start Path program, which supports startups working on blockchain and cryptocurrency technologies. The initiative is designed to foster blockchain innovation and accelerate the adoption of cryptocurrencies in mainstream financial services. The card payment company has <a href="https://defi-planet.com/2023/10/mastercard-joins-forces-with-moonpay-to-explore-web3-for-innovative-experiential-marketing/" rel="noopener noreferrer nofollow">partnered </a>with multiple companies, including crypto exchanges like <a href="https://defi-planet.com/2022/08/binance-and-mastercard-partner-on-a-crypto-prepaid-card-in-argentina/" rel="noopener noreferrer nofollow">Binance </a>and <a style="color: #0000ff;" href="https://defi-planet.com/2023/03/bybit-launches-mastercard-powered-debit-card-days-after-discontinuing-usd-transactions/" rel="noopener noreferrer nofollow">Bybit</a>, to offer cryptocurrency-related services, such as <a style="color: #0000ff;" href="https://defi-planet.com/2023/08/mastercard-partners-with-ripple-consensys-and-others-to-research-cbdcs/" rel="noopener noreferrer nofollow">digital wallets</a> and rewards programs.&nbsp;
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/mastercard-launches-crypto-credential-for-live-peer-to-peer-transactions/" rel="noopener noreferrer nofollow">Mastercard Launches “Crypto Credential” For Live Peer-to-Peer Transactions</a>
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The post <a href="https://defi-planet.com/2024/10/blackrock-now-sees-bitcoin-as-digital-gold-says-ceo-larry-fink-amid-growing-crypto-etf-success/" rel="noopener noreferrer nofollow">BlackRock Now Sees Bitcoin as Digital Gold, Says CEO Larry Fink Amid Growing Crypto ETF Success</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

BlackRock Now Sees Bitcoin as Digital Gold, Says CEO Larry Fink Amid Growing Crypto ETF Success

DeFi Planet

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