BlackRock Inc. Chief Executive Larry Fink called bitcoin an “international asset” and said the money manager wants to use its heft to make it less expensive and easier to invest in the cryptocurrency.
“It costs a lot of money right now to transact bitcoin,” Fink said Wednesday in an interview on Fox Business. “We hope our regulators look at these filings as a way to democratize crypto.”
The money management giant filed paperwork last month to set up an exchange-traded fund that invests directly in bitcoin, which prompted a flurry of similar applications from rival issuers and a rally in bitcoin’s price to more than $30,000. Bitcoin rose more than 12% in June alone and is up more than 80% year to date.
Nasdaq recently refiled BlackRock’s application, adding details about the proposal to indicate that Coinbase Global Inc. will provide market surveillance for the new product. BlackRock wants to hear from U.S. regulators such as the Securities and Exchange Commission, Fink said.
“We look at this as an opportunity,” he said. “We work really closely with our regulators.”
Bitcoin can represent an alternative, international asset akin to “digitizing gold,” Fink said. Initially, he said, he was skeptical because “it was heavily used for, let’s say, illicit activities.”
The race to 100 transactions ended a month early this year, with April standing out as the most active month on record for RIA dealmaking.
Wells Fargo has also added more than $800 million in new AUM with recruitments from UBS, Osaic, and Merrill Lynch.
Also, Merit has added an $860 million RIA to bolster its Texas presence while Concurrent's asset management arm partners with a boutique investment shop.
Wells Fargo, Commonwealth, UBS are the firms losing advisor teams.
Firms are facing increasing scrutiny over whether they can be held responsible for losses by clients whose ability to understand their investments has been compromised.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
