Larry Fink chief executive of BlackRock the world's largest asset management company and ETF provider said the company is positive about crypto assets but before the bitcoin industry became "legitimate" it Bitcoin exchange-traded funds (ETFs) will not be launched.
According to CNBC Fink said at the New York Times meeting When the Bitcoin ETF becomes legal we will naturally enter the market. Bitcoin ETFs must be supported by the government. I think that any government will consider allowing this to happen after fully understanding the whereabouts of the money.
Fink expressed concern about potential fraud money laundering and tax evasion in the encryption industry because the encryption industry is decentralized anonymous and largely unregulated.
Blackstone manages 6.4 trillion US dollars of assets and is the world's largest asset management company. Blackstone began exploring bitcoin futures and other ways in July 2018 to gain exposure to cryptocurrencies and blockchains. Previously Fink repeatedly attacked Bitcoin as the “money laundering index”.
Fink said "I do think that one day we can get a token that can be used as a wealth reserve through electronic trading. But now the world does not need this wealth reserve unless you need to do something you should not do. ”
Although Fink and Blackstone are skeptical about virtual currency they have been optimistic about the blockchain for many years. Fink said "We are very convinced of the blockchain. "The biggest use of the blockchain will be mortgages mortgage applications mortgage ownership - anything related to the paper processing process. ”
In August 2018 the Securities and Exchange Commission (SEC) rejected nine Bitcoin ETF applications shattering the hopes of the cryptocurrant evangelist Winklevoss twins.
The US Securities and Exchange Commission (SEC) said in an order dismissing the latest round of Bitcoin ETFs that these applicants failed to demonstrate how they could prevent potential fraud and market manipulation.
At the same time ETF management company Van Eck hopes to become a pioneer by launching the first bitcoin ETF. Although the SEC recently rejected Vaneske’s application Vanek’s digital asset strategy director Gul Basque believes that the SEC’s approval is just around the corner.
On November 1st Gulbacke told Fox Commercial Channel “We are the closest to achieving the goal.” “I know very well that the United States wants a bitcoin exchange-traded fund (bitcoin ETF) and our efforts are to build it."
Despite the many counter-tune of cryptocurrency skeptics Gulbacs is confident in the long-term prospects of the industry. “I think Bitcoin is digital gold and we should not ignore the potential opportunities of the next financial system”
Former US congressman Ron Paul is a former cryptocurrency critic who recently turned to digital currency and Paul now believes that crypto can prevent a recession. Ron Paul said that the only way to avoid the next economic crisis is to get people to use alternative currencies and to exempt "all capital and other taxes on precious metals and cryptocurrencies."