Bitcoin Is an Asset Class in Its Own Right

BlackRock CEO Larry Fink recently claimed that Bitcoin is an asset class in its own right, as he shared his views on the importance of digital assets.

Senior ETF analyst at Bloomberg, Eric Balchunas posted Fink’s views on X, which read, “We believe that Bitcoin is an asset class in itself and a substitute for other commodities such as gold. Therefore, I think the application of this form of investment will expand, and Ethereum’s role as a blockchain may also grow significantly. If we can create more acceptability, more transparency, and analytical tools related to these assets, then they will expand further.”

As he claimed that the use of digital assets around the world will become a reality, Fink also shared his skepticism on if the president or other policy makers will make any difference in the process.

Fink also revealed that BlackRock is holding conversations with global institutions about making suggestions on how they should view digital assets and how they should allocate assets. He even believes Bitcoin as an asset is a substitute for other commodities such as gold.

Fink touched upon the wider adoption of cryptocurrencies as he said that just like the mortgage market, digital assets as a market would expand and  gain acceptance with better analytical tools and data.

Highlighting the value of blockchain technologies, Fink further added that other countries like India and Brazil have successfully digitized their currencies for different reasons using blockchain. “And then you’ll see the overlay of AI, and the applicability and scalability of these markets as better data analytics tools emerge,” Fink concluded.

Martin Small, CFO of BlackRock, also shared recently that BlackRock is bringing private markets to wealth clients and manages more than $300 billion of assets across model portfolios and separately managed accounts for wealth managers. BlackRock is building a model portfolio solution with Partners Group that is aimed to revolutionize access to private markets for wealth managers and improve portfolio outcomes.

Also Read: Bitcoin ETF Issuer BlackRock’s AUM Hits $11.5 Trillion

 

Source: https://www.cryptonewsz.com/blackrock-ceo-bitcoin-is-an-asset-class/