The world’s largest asset manager Blackrock sees “very low” demand for cryptocurrencies – News Bitcoin News

The world’s largest asset manager with $ 9.5 trillion in assets under management, Blackrock, sees “very little” demand for cryptocurrencies, including Bitcoin, according to CEO Larry Fink.

Blackrock CEO Talks About Crypto Demand Crypto

Larry Fink, the CEO of Blackrock, the world’s largest wealth manager, spoke about Bitcoin on CNBC on Wednesday as his firm announced better-than-expected quarterly earnings. Blackrock’s assets under management rose from $ 7.32 trillion a year ago to a record $ 9.49 trillion in the second quarter.

Fink reiterated his previous stance on cryptocurrency and said: “In my last two weeks on business trip, no question has been asked about it. That’s just not part of the focus on retirement and long-term investors. “The CEO added:

We see very little in terms of investor demand for such things. But honestly, they might not be coming to blackrock for that kind of demand.

He continued, “But I would say for all pension funds and insurance companies, for all RIAs that we speak to on behalf of their clients on behalf of their retirement, the dialogue is about how to navigate my portfolio, eh? I think about my portfolio over a long horizon. “

While Blackrock’s CEO has repeatedly said that his wealth management firm sees no demand for cryptocurrencies from its clients, he is not pessimistic about the future outlook for cryptocurrencies.

In December last year, Fink said Bitcoin was making the US dollar less relevant and could “develop into a global market.” In November, Blackrock’s chief investment officer said cryptocurrencies would stay and could replace bitcoin gold. In March, another Blackrock official said gold was less effective than Bitcoin as an inflation hedge, and in April Fink said crypto could become a “great asset”.

Blackrock started investing in Bitcoin in February. An SEC filing in April showed that Blackrock held bitcoin futures contracts valued at $ 6.15 million.

What do you think of Blackrock’s CEO comments on Bitcoin and cryptocurrencies? Let us know in the comment section below.

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