Larry Fink, the head of BlackRock, was interviewed yesterday on Fox Business TV.
Main points:
“We believe in digitization of products.
ETFs are taking over the mutual fund industry.
If we can create more tokenization of assets and securities, it could revolutionize finance (again).
Tokenization is a way to reshape the banking system and capital markets online.
The underlying technology is fantastic. She will speed up...
We no longer need intermediaries.
The entire financial process [can be transformed].
Blockchain is the first technology that allows two parties to transact without a centralized intermediary such as an exchange, broker or bank.
We want to make [Bitcoin] more accessible and simpler.
We want to make all cryptocurrencies democratic and inexpensive.
The bid-ask spread is expensive.
We hope that regulators will see this as a way to democratize.
Bitcoin digitizes gold.
Instead of investing in gold as a hedge against inflation.
Bitcoin is an international asset.
It is not based on any one currency.
Technologies in cryptocurrencies are developing as rapidly as in the artificial intelligence industry.
The main thing is the democratization of finance by eliminating intermediaries."
BlackRock's record for ETF approval is 575:1.
BlackRock manages about $10 trillion
Do you think the SEC will approve BlackRock's application?
