“What we’re trying to do with crypto is make it more democratized with all of crypto and making it much cheaper for investors,” BlackRock’s Fink said during an interview.
BlackRock’s (NYSE: BLK) CEO Larry Fink believes that a spot Bitcoin exchange-traded fund (ETF) could level the playing field for investors and make cryptocurrency more accessible and affordable. In an interview, Fink expressed his hope that regulators would consider BlackRock’s application for a Bitcoin ETF as a means to democratize the crypto market.
He highlighted the high costs associated with trading and transacting Bitcoin, which can erode returns for investors. BlackRock’s proposed iShares Bitcoin Trust would allow investors to gain exposure to Bitcoin’s market value without directly purchasing the cryptocurrency.
Fink drew a parallel between the potential impact of a Bitcoin ETF and the revolutionary effect that ETFs had on the mutual fund industry. Despite BlackRock’s significant influence as a $9 trillion asset management company, previous applications for spot Bitcoin ETFs from various firms have been rejected by regulators.
The interest shown by BlackRock and other financial giants is credited with driving up the price of Bitcoin. Additionally, EDX Markets, supported by Charles Schwab, Fidelity, Citadel Securities, Sequoia Capital, and Virtu Financial, recently launched a digital asset marketplace, indicating the increasing acceptance and involvement of traditional financial names in the cryptocurrency space.
Related Story: BlackRock Files For Spot Bitcoin ETF
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