BlackRock CEO: US presidential election does not affect Bitcoin's future
Date: 2024-10-15 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
What is more important for the market is the use of crypto assets and their global availability. This was reported by Bloomberg ETF analyst Eric Balchunas, who published Fink's letter to shareholders.
BlackRock's net worth as of October 2024 is an impressive $11.5 trillion, making the company the largest asset manager in the world. BlackRock also issues two cryptocurrency ETFs based on Bitcoin and Ethereum, which manage funds worth about $25 billion.
Fink noted that cryptocurrency should be considered a separate asset class, comparable to gold and other commodities. He also predicts significant growth for Ethereum, which, in his opinion, has excellent prospects.
According to the head of BlackRock, the development of the cryptocurrency market depends more on liquidity and transparency than on regulatory measures. He drew a parallel with the mortgage market, which initially developed slowly, but then accelerated significantly with the emergence of new financial instruments.
Robert Mitchnick, head of digital assets at BlackRock, argued in an interview with Bloomberg that Bitcoin should not be considered a risky asset, despite its correlation with the stock market. He described Bitcoin as a global alternative to money, emphasizing its scarcity and decentralized nature.
Mitchnick believes that comparing Bitcoin to gold is more appropriate, since gold also demonstrates a correlation with stocks at certain time intervals, but in the long term this dependence changes. Investors who invested in BlackRock's Bitcoin ETF consider it digital gold, capable of maintaining its value in market crises.
In March, The Wall Street Journal reported that Mitchnick had a significant impact on Larry Fink's change of heart on Bitcoin. Fink had previously publicly criticized the cryptocurrency, calling Bitcoin a "money laundering index" in 2017, before 2022.
