BlackRock CEO Doubts Bitcoin Will Become Currency

BlackRock CEO Larry Fink doubts the practicality of using Bitcoin (BTC) for daily transactions, reiterating that it should be officially considered an asset class.

In an interview with CNBC on January 11, Fink expressed his belief in Bitcoin, seeing them as an alternative form of wealth storage, rather than arguing for the replacement of national currencies.

“I don't believe it will ever be money. I believe it is an asset class.”

However, the central bank believes that digital currencies (CBCCs) will be implemented in the near future.

“I think we're going to create digital currencies, we're going to use technology. We're going to use blockchain,” he said.

According to recent data from Cointelegraph, more than 100 countries are exploring the subject of CBDCs, while 39 countries have pilot, proof-of-concept or CBDC initiatives.

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However, when asked about his position on ARK Invest CEO Kathy Wood's recent forecast of a $600,000 to $1 million bitcoin price range, Fink indicated that price is not his main concern right now.

“I didn't even think about it,” explained Fink, explaining that it was not a priority for him because he was mainly focused on providing “a tool that can store wealth” through the newly approved Bitcoin exchange. – Exchange-traded funds (ETF).

“I think if it gets close to that high, gold will represent even greater value. And let's be clear, if you think digital is gold, there will be a reference point between gold and bitcoin.”

This follows the United States Securities and Exchange Commission (SEC) approving the BlackRock Spot Bitcoin ETF application, among ten other applications, to begin trading in the US.

Furthermore, on January 11, Cointelegraph reported that Blackrock had a record of 575 approvals for rejecting an ETF in its history, and now the number of approvals for a Bitcoin ETF is 576-1.

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