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BlackRock is exploring blockchain and crypto, says CEO

 


Lawrence Fink of BlackRock sees a "big role for digitized currencies".

In an appearance on the CNBC Squawk Box , Larry Fink, CEO of the world's largest wealth manager BlackRock, revealed that he partially shares Jamie Dimon's opinion on cryptocurrencies. Fink noted that, like the head of JP Morgan, he doesn't see much value in digital currencies.

When asked if he had a change of heart regarding the provision of crypto products or access to investors, he said that BlackRock was in the process of evaluating cryptocurrencies and general blockchain technology. The executive also stated that he was unsure whether the asset was going to shoot up or down.

However, he noted how impressive it is that investors are looking to cryptocurrencies to diversify their investments. In his opinion, Fink believes that digitized currencies will play a major role in the future.

"I'm not a student of Bitcoin and I can't tell you whether it will go up to $ 80,000 or to zero. But I believe there is a big role for digitized currency to play, and I believe it will help consumers around the world "he said.

During the Squawk Box interview, in which he also spoke about the state of investment in global markets, Fink revealed that the company had not seen a great deal of interest in digital assets.

"We see very little demand for these types of things [cryptocurrencies].

His skeptical remarks came a few days after JPMorgan's CEO Jamie Dimon asserted that he did not believe in cryptocurrencies, even though the bank's customers see it differently. At a recent annual general meeting of the Institute of International Finance, the CEO of JP Morgan labeled Bitcoin worthless, questioned its scarcity, and suggested that the supply cap could be changed.

It wasn't the first time Dimon has been cynical about digital assets as he has described Bitcoin as a scam in the past. Interestingly, he believes the value of Bitcoin could increase tenfold in the next five years. At the general meeting, he also emphasized that his personal cynicism did not prevent the company from offering safe access to its assets if investors so wanted.

"If they want access to buy bitcoin, we can't prevent that, but we could give them legitimately, clean access," he said.

These Bitcoin criticisms did not go down well with the crypto community, with several users pointing out the rally Bitcoin has seen over the years. Some even went so far to more than 400 high-profile Bitcoin- "Timeline" to indicate that all were wrong. MicroStrategy's Michael Saylor believes the frustrations about Bitcoin are due to a lack of understanding of the digital asset.

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