CEO of the investment company BlackRock Larry Fink said that the future of cryptocurrencies does not depend on the results of the upcoming presidential elections in the United States. He also called Bitcoin an alternative to gold.

During BlackRock’s third-quarter 2024 earnings call, Larry Fink was asked about his company’s potential opportunities if the next US president’s administration becomes more crypto-friendly. To this, Fink replied that it does not matter who becomes President of the United States, because the acceptance of digital assets in society will in any case grow. This comes as financial institutions around the world are looking for ways to diversify their asset allocation.

Fink emphasized that BlackRock is focused on improving access to the crypto market through exchange-traded products. He mentioned a recently launched exchange-traded fund (ETF) linked to ether. The Ishares Ethereum Trust saw net inflows of more than $1 billion in its first two months of trading, following the earlier launch of the Ishares Bitcoin Trust, which grew to $23 billion in its first nine months.

“We believe that Bitcoin is an asset class in its own right. It has already become an alternative to other goods and even gold. I don’t believe cryptocurrencies will be entirely regulated. Liquidity and transparency are much more important. This is no different from what it was many years ago when we launched the mortgage market – at that time there were high-yield bonds,” said the BlackRock CEO.

Fink also commented on global trends towards the creation of central bank digital currencies (CBDCs), especially in the emerging markets of India and Brazil. He predicts that blockchain, especially when combined with artificial intelligence (AI) and improved analytics, will help advance the financial sector as a whole.

Previously, Larry Fink was skeptical about Bitcoin and other cryptocurrencies, but in July he admitted his mistake. That same month, Fink called Bitcoin “a truly international asset.”