BlackRock CEO Praises Bitcoin for 'Digitizing Gold', Says BTC Could 'Revolutionize Finance'

cryptonews.com:

BlackRock CEO Larry Fink has expessed support for Bitcoin (BTC), referring to it as an "international asset" that could revolutionize finance.  

In a recent interview on Fox Business, Fink stated that his company is keen on reducing the cost and complexity associated with investing in Bitcoin.

He said that he believes this move would democratize the cryptocurrency market and make it more accessible for retail investors.

"What we're trying to do with crypto is make it more democratized with all of crypto and making it much cheaper for investors," Fink said during an interview on The Claman Countdown. 

"The bid spread for crypto is very expensive. It does erode a lot of the returns….because it costs a lot of money right now to transact Bitcoin and it costs a lot of money to get out of that. And so, we hope that our regulators look at these filings that as a way to democratize crypto and we'll see in the future how that plays out."

To achieve this goal, BlackRock filed paperwork last month to establish an exchange-traded-funds (ETF) that directly invests in Bitcoin. 

Following the announcement, several other investment issuers also rushed to file similar applications, triggering a surge in Bitcoin's price to over $30,000. 

The cryptocurrency has already recorded a 12% increase in June alone and an impressive 80% surge since the beginning of the year.

BlackRock's application was recently refiled by Nasdaq, with additional details indicating that Coinbase will provide market surveillance for the new product. 

Fink emphasized the importance of regulatory approval from the Securities and Exchange Commission (SEC), stating that the company wants to work closely with regulators to ensure a smooth launch.

“We look at this as an