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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

BlackRock's Fink Says Bitcoin Can Possibly 'Evolve' Into Global Asset

The head of the world's largest asset manager has provided a bullish take on the world's first cryptocurrency.

Dec 2, 2020 at 4:37 a.m. UTC
Updated Sep 14, 2021 at 10:37 a.m. UTC

The head of the world's largest asset manager has provided a somewhat bullish take on the world's first cryptocurrency.

According to a report by CNBC on Tuesday, 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.

Speaking to former Bank of England Governor Mark Carney at the Council on Foreign Relations on Tuesday, Fink said the nascent cryptocurrency asset class can possibly "evolve" into a global market asset, CNBC said.

According to the report, Fink also said having a digital currency has a real impact on the U.S. dollar, making it less relevant on a global scale for international holders of dollar-based assets. He also raised the question: "Does it change the need for the dollar as a reserve currency?"

The comments are a still relatively rare endorsement from a major traditional financial players but follow on the heels of even more bullish views from billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones II, who are allocating a portion of their assets to bitcoin.

BlackRock is the world's largest asset manager with over $7.4 trillion dollars in assets under management, according to the manager's website.

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