**BlackRock CEO Larry Fink: Bitcoin is an International Asset, Says It Can Replace Gold for Inflation Hedging**
In a recent interview, **BlackRock CEO Larry Fink** referred to Bitcoin as an “international asset” and stated that investors could consider it as an alternative to gold for hedging against inflation. Fink’s comments come shortly after BlackRock applied for a spot Bitcoin ETF, signaling the firm’s growing interest in the cryptocurrency market.
**BlackRock’s Vision: Democratizing Crypto and Reducing Costs for Investors**
Fink highlighted that BlackRock has collaborated closely with regulators in the past for ETF applications and expressed hope that the firm’s track record will assist in the approval of their latest Bitcoin ETF application. He emphasized BlackRock’s goal of democratizing cryptocurrency and making it more affordable for investors.
Initially skeptical about crypto due to its association with illicit activities, Fink acknowledged that his perception has changed. According to him, Bitcoin’s status as an international asset, not tied to any specific currency, enables it to serve as a viable alternative investment for individuals.
**Surge in ETF Applications for Spot Bitcoin ETFs**
BlackRock’s application to create a spot Bitcoin ETF was followed by several other traditional finance (TradFi) firms, including Fidelity. While BlackRock has a successful history of obtaining ETF approvals from the Securities and Exchange Commission (SEC), the agency has never accepted an application for a spot Bitcoin ETF.
**Challenges Faced by BlackRock and Nasdaq’s Resubmission**
BlackRock faced a setback when the SEC deemed their application inadequate, as reported by the Wall Street Journal. However, Nasdaq, the exchange responsible for listing BlackRock’s ETF, resubmitted the application on their behalf, signaling their commitment to pursuing the opportunity.
**Bitcoin’s Price Trend and Market Outlook**
Bitcoin has experienced an upward trend in recent weeks, reaching a 52-week high at the end of June and maintaining a price above $30,000 since then. As of Wednesday afternoon, the cryptocurrency was trading slightly down at around $30,500.
**Conclusion**
BlackRock CEO Larry Fink’s remarks on Bitcoin as an international asset and a potential replacement for gold highlight the increasing interest and acceptance of cryptocurrency within traditional financial institutions. With BlackRock’s application for a spot Bitcoin ETF and the involvement of other prominent TradFi firms, the development of this market presents new opportunities for investors seeking exposure to cryptocurrencies.
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