BlackRock CEO Larry Fink: Bitcoin is the New Digital Gold

• Bitcoin Embraced as Digital Gold by BlackRock CEO Larry Fink
• Views on Bitcoin ETF as an Alternative Currency Store
• The Role of ETFs in Bitcoin's Price and Cross-border Investments
• Spot Bitcoin ETFs: Enhancing Bitcoin's Legitimacy
• Potential Spot Crypto ETFs in Line
• Other ETF Applications by BlackRock
• Bitcoin ETFs Strengthening US Economy

Bitcoin Embraced as Digital Gold by BlackRock CEO Larry Fink

Accolades were made by Larry Fink, CEO of BlackRock, for Bitcoin$42,260 -0.64% as he dubbed it as the digital gold surpassing any government. BlackRock is among those corporations that have begun to incorporate the recently sanctioned Spot Bitcoin ETF for their investors. According to Fink, Bitcoin is more substantial than any government.

Views on Bitcoin ETF as an Alternative Currency Store

During an interview with Charles Gasparino of Fox Business, Fink shed light on Bitcoin ETF serving as an alternative to currencies experiencing depreciating values. He stated that this could be perceived as an efficient potential long-term store of value for those suspicious of their government or those concerned about government currency devaluation. He further described it as digital gold.

The Role of ETFs in Bitcoin's Price and Cross-border Investments

Given the ETFs function as a ledger of Bitcoin's escalating price and their cross-border nature, these Spot Bitcoin ETFs are deemed valuable investments. This development aligns with the collective anticipation and endeavors to influence the SEC into sanctioning these products.

Spot Bitcoin ETFs: Enhancing Bitcoin's Legitimacy

Fink proceeded to expound on how Spot Bitcoin ETFs are enhancing the legitimacy of Bitcoin as an asset. He expressed, The advent of the Bitcoin ETF is an example that we're legitimizing this asset class. The approval of Spot Bitcoin ETFs has already started generating excitement about other potential spot-crypto exchange traded funds.

Potential Spot Crypto ETFs in Line

Certain asset management firms have already submitted applications for another spot ETF for a prominent cryptocurrency, Ethereum$2,315 -2.42%. Bitcoin ETFs' landmark approval suggests that the journey to the spot Ethereum ETF approval may not be as challenging as it was for Bitcoin. Despite the SEC's clear stance that it does not technically support Bitcoin and other cryptocurrencies, this approval is seen as a move towards wider acceptance of digital assets.

Other ETF Applications by BlackRock

Touching on BlackRock's other ETF applications, Fink did not dismiss the possibility of an additional application for an XRP$0.620 -1.68% ETF. However, he added that he was not in a position to answer that question, and that Gasparino wouldn't want him to. The firm also has an Ether ETF pending, which might also acquire approval in the future. It is apparent that BlackRock and its CEO hold a progressive view on the future of ETFs and cryptocurrency in market trading.

Bitcoin ETFs Strengthening US Economy

Further in the interview, Fink suggested that following the sanctioning of Bitcoin ETFs, the US economy exhibits more strength than what is generally perceived. The inclusion of these ETFs now provides an extra resource for cross-border investment and money protection. Consequently, corporations like BlackRock perceive Bitcoin as the impending digital gold of the future.

Edited by Jonathan Stoker