BlackRock’s Mission: Empowering All with Crypto Opportunities
BlackRock Inc. Co-Founder and CEO Larry Fink aims to "democratize" Bitcoin through a spot trading Bitcoin exchange-traded fund (ETF).
He filed an application for the spot Bitcoin ETF on June 15 with the Securities and Exchange Commission (SEC), which was rejected due to market manipulation concerns.
Despite the setback, BlackRock’s involvement inspired other asset managers to file similar ETF applications. BlackRock is the world’s largest asset management company, with over $9 trillion in assets under management.
Fink’s past criticism of cryptocurrencies shifted as client interest and transaction costs grew, leading BlackRock to explore the crypto space. He sees Bitcoin as an international asset, capable of diversifying investor portfolios and serving as a hedge against inflation. Following Fink’s endorsement, Bitcoin’s value surged over 20%.
BlackRock refiled the ETF application after partnering with Coinbase, the largest U.S. cryptocurrency exchange, to address money laundering concerns.
READ MORE: RFK Jr. Jumps on the Bitcoin Bandwagon for His Family’s Future
The SEC’s chair, Gary Gensler, has been targeting the crypto industry, but many members of Congress disagree with his approach and have proposed a “crypto stabilization bill” for a more tolerant attitude.
Despite the initial rejection, Fink’s vision of democratizing investing through ETFs remains strong. The idea of making traditionally exclusive investments accessible has gained popularity, with platforms like StartEngine and Wefunder enabling anyone to invest in startups and private companies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
