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BlackRock Is 'Studying' Crypto, Which Could Someday Play Role Akin to Gold, CEO Says: Report
The financial services giant is monitoring regulation and development of infrastructure, among other issues.
BlackRock CEO Larry Fink said on Wednesday the company is studying the potential of cryptocurrencies to serve as long-term investments though it's too early to tell if they're “just a speculative trading tool” due to their volatility, Reuters reported.
STORY CONTINUES BELOW
- Cryptocurrencies could someday play a role in long-term investing as an asset class similar to gold, Fink said at the company's annual meeting in response to a shareholder question asking whether the company would invest in bitcoin.
- “The firm has monitored the evolution of crypto assets. We are studying what it means, the infrastructure, the regulatory landscape,” Reuters quoted Fink as saying.
- For now, though, crypto is too volatile to serve as an investment for BlackRock, which is a long-term investor, Fink said. The CEO noted broker dealers are by and large the ones making the big money from the volatility of cryptocurrencies and their wide bid-ask spreads, Reuters said.
Read more: BlackRock Has Begun Trading Bitcoin Futures
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
