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Home»BLOCKCHAIN NEWS»BlackRock’s Larry Fink points to the value of the crypto asset class Ethereum ETF.
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BlackRock’s Larry Fink points to the value of the crypto asset class Ethereum ETF.

By Crypto FlexsJanuary 12, 20242 Mins Read
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BlackRock’s Larry Fink points to the value of the crypto asset class Ethereum ETF.
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A day after the launch of the spot BTC ETF, BlackRock CEO Larry Fink likened Bitcoin to gold but predicted it was unlikely the cryptocurrency would be used as a currency.

BlackRock’s CEO spoke to CNBC about digital assets, ETFs and tokenization, with the world’s largest asset manager looking to increase the value of its spot Ethereum (ETH) ETF into another offering, following the successful launch of the same fund backed by Bitcoin (BTC). He mentioned that he was viewing it as a cryptocurrency-related investment product. , the largest token in cryptocurrency.

Fink said BlackRock sees cryptocurrencies as a promising asset class, and its Bitcoin utility is focused on storing and protecting wealth similar to the popular yellow metal. His comments also alluded to BTC’s hard-coded 21 million supply ahead of the halving in April, touting scarcity as a factor in future price increases.

BlackRock was one of 11 issuers approved by the Securities and Exchange Commission (SEC) to begin trading spot Bitcoin ETFs on registered national exchanges such as Nasdaq. The new ETF basket recorded more than $2 billion in trading volume on its first day, as Wall Street and TradFi joined the cryptocurrency’s 15-year chorus.

The center of gravity of cryptocurrency is shifting from San Francisco to Wall Street. If approved, we expect to see pension funds, family offices and other investors who have historically been very skeptical finally dipping their toes into this new asset class. Perhaps we are getting closer to the next bull market.

Bam Azizi, Mesh Co-Founder and CEO

Fink’s firm applied for a spot ETH ETF shortly after bidding on its BTC counterpart. However, it is unclear whether the SEC will approve such a product following its approval of a spot BTC ETF.

In a statement following approval, SEC Chairman Gary Gensler emphasized that existing financial laws apply to most cryptocurrencies. Gensler pointed out that the Grayscale ruling essentially expedited the SEC’s decision, emphasizing that approval of the BTC ETF does not constitute approval of Bitcoin or any other blockchain digital asset.

Gensler specifically mentioned Bitcoin as a “non-secure commodity,” which is not a designation for other cryptocurrencies such as ETH. In response, ARK Invest CEO Cathie Wood claimed Gensler disparaged cryptocurrencies with his comments, while SEC Commissioner Hester Peirce said the SEC had wasted legislative resources rejecting these products for over a decade.

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