Bitcoin Could Be a Store of Wealth but It’s yet to Prove Itself, Says BlackRock CEO

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The CEO of the world’s largest asset manager BlackRock, Larry Fink, has revealed during an interview that he believes the cryptocurrency market is still “very small,” but added bitcoin could be a store of wealth. The cryptocurrency, he said, is still to prove itself.

During the interview with Bloomberg, Larry Fink noted that the price of bitcoin moves in significant increments with “small movements of money,” and as such is “not a market for the calm.” Fink said he understands the enthusiasm surrounding cryptocurrencies, and pointed out media talk about crypto so much it “must have caught the fascination of many people.”

Business media, he said, seem to believe the flagship cryptocurrency is “going to have a huge future,” but pointed out that on the investor side “everyone is focusing on it, and it could be another store of wealth.” Right now, he said, it’s “still untested, it has huge volatility moving in 5-6% increment with small dollar investments moving it.

For cryptocurrencies like bitcoin to be truly successful, Fink said, the market will have to become broader so that “you can invest large sums of money without moving the value to the extent it’s doing it.”

The CEO of the $7.8 trillion asset manager pointed out BlackRock is “watching it” and “enjoying the conversation.” Per his words, the firm is “fascinated by how many people have enjoyed the conversation.” Bitcoin’s long-term viability, he said, has not been proven yet.

He added that he believes “some form of digitized currency” is going to be playing a bigger role in the future, but said he does not know whether it will be bitcoin or another cryptocurrency that may not have been developed yet.

Fink’s words come shortly after BlackRock updated prospectuses for two of its funds including cash-settled bitcoin futures among assets they’re now permitted to buy.

The filings, for the BlackRock Strategic Income Opportunities and the BlackRock Global Allocation Fund, would allow the funds to gain exposure to BTC and test the waters of the market.

Featured image via Pixabay.

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