The head of the world’s largest asset management firm, Larry Fink has taken a bullish stance on the world’s number one cryptocurrency, stating that it has the potential to evolve into a global market asset.
In a report by CNBC, the CEO of BlackRock Larry Fink said bitcoin has “caught the attention” of many people and that the cryptocurrency market was still relatively small compared to others given its 0.3$ trillion market cap.
Speaking to the former Bank of England Governor Mark Carney at the Council on Foreign Relations, Fink stated that the burgeoning cryptocurrency asset class could “evolve” into a global market asset.
Per the report, Fink went on to say that having digital currency has a real impact on the US Dollar, making it less relevant on a global scale for international holders of dollar-denominated assets.
Finally, the Blackrock CEO raised the question: “Does it change the need for the dollar as a reserve currency?”
Read More: VanEck’s $49 billion Fund Launches BTC Exchange Traded Note (ETN)
These comments come as no surprise given that major traditional financial players have already endorsed the asset to varying degrees. In fact, the asset manager’s peers have arguably travelled much further down the rabbit hole. Earlier this year, hedge fund managers Stanley Druckenmiller and Paul Tudor Jones, revealed that they allocated up to 2% of their portfolios into bitcoin – in large part due to its inflationary hedge and digital gold properties.
BlackRock is the world’s largest asset manager with over $7.4 trillion dollars in assets under management.
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