April 19, 2024
Larry Fink, BlackRock CEO, Supports Ethereum ETF
Latest Cryptocurrency News

Larry Fink, BlackRock CEO, Supports Ethereum ETF

BlackRock’s CEO, Larry Fink, expressed support for an Ethereum (ETH) exchange-traded fund (ETF) a day after the launch of the much-anticipated Bitcoin (BTC) ETF.

“I see value in having an Ethereum ETF,” Fink stated in an interview with CNBC on Friday. “These are just stepping stones towards tokenization, and I really do believe this is where we’re going to be going.”

BlackRock’s iShares Bitcoin Trust (IBIT) debuted among several such products in the U.S. after the Securities and Exchange Commission (SEC) approved the funds on Wednesday. IBIT contributed around $1 billion to the total $4.6 billion trading volume collectively seen by the ETFs.

The asset management giant is now considering listing a comparable product for Ethereum’s native token as part of its ongoing move towards tokenization. Tokenization represents assets, whether real-world or digital, as tokens on the blockchain. Fink sees tokenization as a means to address issues like money laundering and corruption.

Fink clarified his view on cryptocurrencies, emphasizing them as an asset class rather than a currency. He specifically referred to Bitcoin as “an asset class that protects you” against geopolitical risks.

“It’s no different than what gold represented over thousands of years,” he remarked. “Unlike gold, we’re almost at the ceiling of the amount of bitcoin that can be created.”

Photo by Jonathan Borba

Related posts

Crypto Charities Benefit from ‘Gambler’s Fallacy’: Study

Kevin Wilson

Gary Gensler’s Congressional Testimony: 5 Key Moments

Henry Clarke

China’s Evolving Stance: Court Report Confirms Legal Status of Virtual Assets

Harper Hall

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More