BlackRock CEO Larry Fink said he hasn’t seen significant demand for cryptocurrency investments from the company’s institutional clients.
On CNBC’s Squawk Box, Fink emphasized that he really likes the atmosphere in the cryptocurrency industry and the way a lot of people “focus on digital assets.” However, he has not yet seen a significant change in attitudes towards cryptocurrencies on the part of BlackRock customers. Much more talk is about climate change, national deficits and inflation risks.
“Cryptocurrencies can be a great asset class and I believe they will. However, I do not believe that they can replace currencies, and I do not think that we should take them in this way. We are actively exploring the industry, and even making money from it, but we do not see widespread demand from financial institutions, ”said the CEO of BlackRock.
At the same time, Fink is very positive about stablecoins and called them “dollar cryptocurrencies”. Recall that in March, one of the BlackRock funds invested in bitcoin through the purchase of futures on the Chicago Mercantile Exchange. The volume of investments amounted to more than $ 6 million, but this is only 0.03% of the total capitalization of the fund.
Fink previously said that bitcoin has not been sufficiently tested yet. He noted that the first cryptocurrency is a very volatile asset that circulates “in a market that is too small.”
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