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 new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.
The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.
David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.
Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."
Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.
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.