BlackRock CEO Larry Fink has expressed skepticism about the feasibility of Bitcoin as a medium for everyday transactions, insisting that it should be seen as an asset class. In a recent interview with CNBC, Fink articulated his belief in Bitcoin as an alternative form of wealth storage, rather than a potential replacement for national currencies.

“I don’t believe it’s ever going to be a currency. I believe it’s an asset class,” Fink said. However, he does see a future for central bank digital currencies (CBDCs). “I think we’re going to create digital currencies, we’re going to use technology for it. We’re going to use a blockchain,” he added.

Recent data indicates that over 100 countries are investigating the concept of CBDCs, with 39 countries having either a pilot, proof-of-concept, or launched CBDC initiatives.

When asked about ARK Invest CEO Cathie Wood’s recent Bitcoin valuation predictions, which range from $600,000 to $1 million, Fink suggested that price isn’t his main concern at the moment. “I haven’t even thought about it,” Fink said, explaining that his primary focus is on providing “an instrument that can store wealth.”

“I think if it gets even close to that high, gold will represent even a bigger value. And let’s be clear, if you think it’s digital gold, there’s going to be a reference point between gold and Bitcoin,” he continued. This comes after the United States Securities and Exchange Commission (SEC) approved BlackRock’s spot Bitcoin exchange-traded fund (ETF) application, among ten other applications, to begin trading in the U.S.

On January 11, it was reported that BlackRock had a record of 575 approvals to one ETF rejection in its history, and now with spot Bitcoin ETF approval, it is 576-1.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography North America
Countries 🇺🇸
Sentiment neutral
Relevance Score 1
People Brett Harrison, Cathie Wood, Larry Fink
Companies ARK Invest, United States Securities and Exchange Commission, Cointelegraph, BlackRock, CNBC
Currencies Bitcoin, Ethereum, united states dollar, BANK
Securities None

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