World’s Largest Asset Manager Sees Huge Opportunities in “Cryptocurrencies”
The CEO of the world’s largest asset manager Blackrock in a recent interview with CNBC said that he sees huge opportunities in digitized crypto blockchain currencies. During the interview, Larry Fink said, even though he doesn’t understand much about Bitcoin so can’t predict the price, but he believes that the digital currency market has huge potential.
Fink also acknowledged JP Morgan CEO Jamie Dimon’s recent comment on Bitcoin where he called BTC worthless. Talking about Dimon’s comments, Fink said he is more on the Jamie Dimon camp. He said,
“I’m probably more on the Jamie Dimon camp,” says Larry Fink on crypto. “I’m not a student of bitcoin and where it’s going to go so I can’t tell you whether it’s going to $80K or 0. But I do believe there is a huge role for a digitized currency.”
“I’m probably more on the Jamie Dimon camp,” says Larry Fink on #crypto. “I’m not a student of #bitcoin and where it’s going to go so I can’t tell you whether it’s going to $80K or 0. But I do believe there is a huge role for a digitized currency.” pic.twitter.com/xNn4NBNefr
— Squawk Box (@SquawkCNBC) October 13, 2021
Jamie Dimon became the butt of several jokes in the crypto community not as much for his worthless comments, but more so because of his reasoning on why he thinks it’s worthless. Dimon claimed that he doubts Bitcoin’s 21 million supply would remain constant once everything is mined since it is a piece of code that can be changed anytime. However, it’s nearly impossible to do so and this is the reason several forked coins were created and failed miserably.
Blackrock Big on Bitcoin Mining
Fink’s comments on Bitcoin indicate that he doesn’t understand much about the price but does realize the potential it holds. However, Blackrock has invested million in Bitcoin mining companies, especially at a time when Chinese miners were relocating to the US. Blackrock’s first-quarter filing also revealed that the company has invested in the Bitcoin Futures market.
Bitcoin is currently trading at $55,106 with eyes set on the $60K mark. The top cryptocurrency recently hit a new 5-month high last week and on-chain metrics indicate bulls would retest ATH soon.