On Fox Business, Larry Fink said that bitcoin is not based on or backed by any other currency, which is why BTC can be seen as an alternative to more traditional assets. Also, the CEO of BlackRock noted that bitcoin can act as an asset for hedging inflation and reducing the value of national currencies.
.
Cryptocurrency industry participants reacted positively to Larry Fink’s comments. Some have even suggested that Fink’s stance could affect the price of the first cryptocurrency – the so-called “Fink’s Pump. However, at the moment, the rate of BTC on the comments of CEO of BlackRock did not react.
Recall that in June, BlackRock applied for a spot ETF on bitcoin. According to Bernstein analysts, the likelihood of approval of such a fund increased significantly after BlackRock’s application.