CEO of $7.4 Trillion Asset Manager Blackrock says Bitcoin Can Evolve Into Global Asset
Larry Fink, CEO of Blackrock, also questioned if Bitcoin could harm the US Dollar’s reserve currency status.
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He said that ‘Bitcoin makes the US dollar less relevant on a global scale for international holders of dollar-based assets,’ by giving them a much better alternative.
‘Bitcoin has caught the attention and imagination of many people.’
Some have called Blackrock, the world’s largest issuer of ETFs, the ‘fourth branch of government,’ after they were chosen by the Federal Reserve Bank to direct it’s bond-buying programs, allowing Blackrock to buy their own bond-related funds with FED money.
With more mainstream institutions starting to pay attention to Bitcoin and adding it to their portfolios, we are likely to see this bull market continuing for awhile as cryptocurrency and Bitcoin become the talk of Wall Street.
So far this year we’ve seen major institutions like PayPal, Square, Microstrategy, Guggenheim, and others become active in Bitcoin. This trend is likely to continue to pick up pace throughout 2021.
If Bitcoin were to be on the level of ‘global asset’ it could be around the size of gold, which has a $9 trillion market cap, and could even rival the US dollar at over $19 trillion (+$26 trillion of government debt).
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