BlackRock CEO Larry Fink believes that a mock Bitcoin (BTC) exchange-traded fund (ETF) would make crypto investing more accessible to a wider range of people.
During a recent interview speaking to Fox Business, Fink said ETFs have been a game-changer for the financial industry and have the potential to bring further innovation.
“We believe in the digitization of products. ETFs have been a major revolution for the mutual fund industry and it’s really taking over the mutual fund industry. And we really believe that if we can create a much greater tokenization of assets and securities, which is what Bitcoin is, it could revolutionize the financial world.
And so we see this as an opportunity to take it a step further in terms of providing investors with fractions of shares, fractions of this, and democratizing the cost of investing.
In the past 10 years, we have increased the cost of [BlackRock] iShares ETFs by 30%. So what we’re trying to do is make it more accessible or easier.
The effort in terms of what we’re trying to do with crypto is to make it more democratized with all crypto. And make it much cheaper for investors. At the moment, the bid-ask spread for crypto is very expensive. It undercuts a lot of the returns you’re talking about because it costs a lot of money to trade Bitcoin right now and it costs a lot of money to get out of there.”
According to BlackRock’s co-founder and CEO, Bitcoin is an international asset that serves as an alternative to gold.
“I do believe the role of crypto is… it digitizes gold in many ways. Instead of investing in gold as a hedge against inflation, a hedge against the serious problems of a particular country, or the devaluation of your currency, whichever country you are in…
Let’s be clear: Bitcoin is an international asset. It is not based on any particular currency. And so it can be an asset that people can play as an alternative.
i
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Generated image: DreamStudio