CEO of $7 Trillion Asset Manager, BlackRock, Larry Fink Says Bitcoin Has A Real Impact On Us Dollar

BlackRock’s Larry Fink is the latest one to show his bullishness towards Bitcoin. In a conversation with Mark Carney, the former Bank of England Governor, at the Council on Foreign Relations, Fink said Bitcoin has been gaining the interest of Wall Street.

“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.”

BlackRock is the world’s largest asset manager with over $7 trillion in assets under management.

According to Fink, the largest cryptocurrency can evolve into a global market asset, in a rare positive statement about BTC, which can be interpreted as bullish.

The Bitcoin market sees “these big giant moves every day…it’s a thin market. Can it evolve into a global market? Possibly,” he concluded.

During the conversation, Fink also noted that having a digital currency has a real impact on the US dollar. It makes the USD less relevant not for Americans but international holders of dollar-based assets, he said.

He further raised the question of digital currencies changing the need for the dollar as a reserve currency; in other words, are there other ways to efficiently transact overseas and here in the US.

Just last month, BlackRock’s chief investment officer Rick Rieder said that Bitcoin could replace gold in the future.

In 2020, as a digital gold narrative, Bitcoin is gaining a lot of momentum as it gains the attraction of institutions and legendary investors like Paul Tudor Jones and Stanley Druckenmiller.

Recently Bill Miller, Guggenheim’s Scott Minerd, and Inigo Fraser-Jenkins of Bernstein Research changed their tune on the digital asset.

Bitcoin has been on a tear lately, up 160% this year; the cryptocurrency went as high as $19,950 on Tuesday.

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