It has been just revealed that BlackRock’s Larry Fink has called Bitcoin digital gold. This will definitely boost the king coin’s price through the roof. Check out the latest reports below.
Bitcoin is digital gold
According to Larry Fink, the CEO of BlackRock, a Bitcoin (BTC) ETF available on the stock market would increase accessibility to crypto investments for more individuals.
Fink expressed his belief that ETFs have revolutionized the finance industry and could continue to foster innovation during an interview with Fox Business.
“We’re a believer in the digitization of products. ETFs was a big revolution for the mutual fund industry and it’s really taking over the mutual fund industry. And we do believe that if we can create a great more tokenization of assets and securities, and that’s what Bitcoin is, it could revolutionize finance.”
He continued and stated the following:
“And so we look at this as an opportunity to move one step further in terms of providing investors fractions of shares, fractions of this, democratizing the cost of investing.
Over the last 10 years we’ve lowered the cost of [BlackRock] iShares ETFs by 30%. So what we’re trying to do is make it more accessible or easy.”
He also said this:
“The attempt in terms of what we’re trying to do with crypto is to make it more democratized with all the crypto. And making it much cheaper for investors. Right now the bid-ask spread for crypto is very expensive. It does erode a lot of the returns that you speak about because it costs a lot of money right now to transact Bitcoin and it costs a lot of money to get out of that.”
According to the BlackRock co-founder and CEO, Bitcoin is an international asset that serves as an alternative to gold.
Let’s be clear: Bitcoin is an international asset. It’s not based on any one currency. And so it can represent an asset that people can play as an alternative.”
