According to the CEO of the biggest asset management in the world, Bitcoin (BTC) is a valuable long-term store of value.
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The CEO of BlackRock, Larry Fink, is cited on social media as saying that the flagship cryptocurrency has several potential applications, such as a hedge against governments that have too much power and for cross-border transactions.
“There’s a lot of merit to it, there’s a lot of opportunity. It is a great store [of value]…It can be an asset that can be cross-border…
Maybe this is one of the reasons why China has banned it. If you’re in a country where you’re fearful of your future, fearful of your government or you’re frightened that your government is devaluing its currency by too much deficits, you could say this is a great potential long-term store of value.”
“It’s like digital gold and I believe that you still can buy a slice of pizza with it, but you can’t buy a slice of pizza with palladium or gold. You could buy and sell your Bitcoin, no different than gold…
It is a ledger, but it’s an international ledger. It’s cross-border. It’s bigger than any government.”
BlackRock states that its Global Allocation Fund may purchase shares of Bitcoin exchange-traded products (ETPs), including the business’s own iShares Bitcoin Trust (IBIT), in a recently amended filing with the U.S. Securities and Exchange Commission (SEC).
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