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BlackRock chief Larry Fink sees crypto ETFs as 'stepping stones to tokenization'

Jan 12, 2024 - markets.businessinsider.com
BlackRock CEO Larry Fink has expressed his belief in the value of an ether ETF, calling such crypto funds steps towards tokenization. His comments followed the SEC's approval of 11 spot bitcoin ETFs for trading in the US. Fink sees tokenization, which uses blockchain technology or a digital token to represent real-world items, as a solution to issues like money laundering, identity theft, and corruption. BlackRock, which had already prepared for an ether ETF, was among the bitcoin ETF issuers that received regulatory approval.

Fink, who was a bitcoin skeptic until about two years ago, now views it as an alternative source for wealth holding and an asset class that could protect investors in uncertain times. He compared bitcoin to gold, which has served as a protective asset for thousands of years. BlackRock's iShares Bitcoin Trust, which debuted on Thursday, accounted for about $1 billion of the total $4.6 billion in trading volume that the ETFs saw that day.

Key takeaways:

  • BlackRock CEO Larry Fink sees value in an ether ETF and views such crypto funds as steps towards tokenization.
  • The Securities and Exchange Commission recently approved a slate of spot bitcoin ETFs for trading in the US.
  • Fink believes that tokenization, which uses blockchain technology or a digital token to represent real-world items, could help resolve issues in money laundering, identity theft, and corruption.
  • BlackRock's iShares Bitcoin Trust debuted on Thursday and accounted for about $1 billion of the total $4.6 billion in trading volume that the ETFs saw that day.
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