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While Bitcoin (BTC) slid back down to its current price of around $18,800 after soaring past $19,000 recently, the world’s largest cryptocurrency by market cap has already made massive gains since last month when it traded below $14,000 at the start of November. Even the CEO of the world’s largest asset manager is somewhat bullish on the potential of the crypto.
Larry Fink, CEO of BlackRock, said that the nascent cryptocurrency asset class has the potential to evolve into a global market asset, YahooFinance reported. Fink made the statement on Tuesday, December 1, 2020, while speaking to Mark Carney, former Bank of England Governor at the Council on Foreign Relations.
“Bitcoin has caught the attention and imagination of many people,” Fink commented, according to a CNBC reported. The BlackRock CEO added that the market is “still untested, pretty small market compared to other markets.”
Fink also expressed his somewhat bullish stance on the future of the crypto. “It has seen big giant moves every day but it’s a thin market,” he added. “Can it evolve into a global market? Possibly.”
The BlackRock CEO noted that cryptocurrency has a real impact on the U.S. dollar, making it less relevant on a global scale, especially for those who hold dollar-based assets. “Does it change the need for the dollar as a reserve currency?” Fink asked the same question that has been posed by high profile personalities in the financial world who are closely watching the development of Bitcoin and cryptocurrencies in general.
A number of companies have already started including cryptocurrencies such as Bitcoin in their treasury assets. For instance, MicroStrategy Inc. announced back in August its acquisition of 24,454 BTC, valued at around $250 million at that time, viewing the crypto as a “dependable store of value that is superior to cash in terms of appreciation potential.”
“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” MicroStrategy CEO Michael J. Saylor explained. Other firms have made similar moves as many are concerned about the expected devaluation of fiat currencies due to the money printing activities by governments across the globe in response to the coronavirus pandemic.
