BlackRock CEO Reveals Why Bitcoin Could be the New Gold for Investors

BlackRock CEO Larry Fink sees a growing demand for cryptocurrencies among gold investors. In a recent interview, he shared that more gold investors have been asking about cryptocurrencies over the past five years.

Fink talked about how exchange-traded funds (ETFs) have made it easier for everyone to invest in gold. He thinks ETFs could do the same for the crypto market.

He also discussed the changes in the value of the US dollar recently and over the past five years. Fink believes an international crypto product could protect against these changes.

Last month, BlackRock applied to list a Bitcoin ETF with a surveillance-sharing agreement. This might make the U.S. SEC more likely to approve it after rejecting many applications before.

Fink believes that offering cryptocurrency aligns with BlackRock's goal of creating affordable and user-friendly investment products. He shared that ETFs are changing the world of investing.

Fink was skeptical of cryptocurrencies in 2017, associating them with money laundering. But now, increased interest from clients and the rising value of cryptocurrencies have made BlackRock consider entering the market.

Fink also talked about how cryptocurrencies can help investors diversify their portfolios. He believes that because it's so international, it can transcend any one currency.

BlackRock recently shared its second-quarter earnings report. The company earned $9.28 per share on $4.46 billion in revenue and now manages over $9 trillion in assets.

This is not the first time Fink has supported Bitcoin since BlackRock applied for a Bitcoin ETF. He has also compared Bitcoin to a digital version of gold.

Bernstein, a brokerage firm, thinks the SEC may soon approve a Bitcoin ETF. They said the SEC is under more pressure to approve this type of product since it has already approved futures-based Bitcoin ETFs and leverage-based futures ETFs.