The giant awakens: Bitcoin on BlackRock’s radar
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Larry Fink, chairman of BlackRock, sees enormous potential in Bitcoin. In his opinion, the crypto currency could establish itself as a Anon System global standard investment and already has a significant impact on the US dollar.
As CNBC reports, Bitcoin has appeared on the radar of the world’s largest asset manager. According to the report, Larry Fink said this at an event organised by a US think tank. There, he attributed enormous potential to the crypto currency and already noted effects on the US dollar.
Bitcoin can become a global market
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Although the crypto currency is still relatively small compared to other asset classes, it has the potential to reach a global level, says the 68-year-old. The US dollar would affect the development of Bitcoin to the extent that it would make the American currency less relevant on the international market. The CIO of the US company Rick Rieder even predicted in November that Bitcoin would soon take the place of gold.
Fidelity compares Bitcoin to investments in emerging markets
BlackRock is not the first major asset manager to see potential in crypto currencies. The Fidelity report published in October also recognised the potential offered by Bitcoin and the rest of the crypto space. In the report, the asset manager compares investments in digital currency with investments in emerging markets from the 1980s.
Meanwhile, BlackRock is also indirectly involved in crypto-currency through its stake in Microstrategy, which this year converted a large part of its cash reserves into BTC.