News emerged earlier today that BlackRock Incorporated was forming a team to look into cryptocurrencies, especially Bitcoin [BTC]. It struck many as puzzling, comparing the statement to previous statements by the CEO of the firm, Larry Fink.
Fink has stated that Bitcoin is an index of money laundering which shows how much demand for money laundering there is in the world. Appearing on Bloomberg Markets earlier today, he was questioned about the rumours of a cryptocurrency desk in the company.
The CEO strongly denied any movement towards engaging in cryptocurrencies, although he did mention that the firm was studying them to see how they were performing. He stated:
“No, but we’re looking at it. As I said in the past, we’re very excited about blockchain, whether its a crypto, were studying them to see how they’re performing.”
When asked whether the asset management firm’s clients do not want exposure to cryptocurrencies, Fink stated that he doesn’t “believe any clients have sought at crypto exposure at the moment”. He said:
“There’s elements of people who are looking to trade it i have not heard from anyone looking to buy crypto ,when it becomes more legitimatized when it has the true open nature of it when you identify who the players are on both sides, that’s when we will look at it as an alternative.”
Notably the company manages over $6.3 trillion in assets, and operates globally with 70 offices in 40 countries. They also have clients in 100 countries, leading them to gain the nickname the “world’s largest shadow bank”.
He went on to reiterate that while they were studying it, and looking at how Bitcoin perform, they were looking at “that type of data”. Moreover, he stated:
“Right now worldwide I’ve not heard from one client that has said I need to be in this.”
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