BlackRock Is ‘Studying’ the Crypto Market

BlackRock CEO Larry Fink says they’re closely monitoring regulation and development of infrastructure surrounding cryptocurrencies.

The financial services giant is “studying” crypto and its usefulness as a long-term investment.

As reported by Reuters:

BlackRock Chief Executive Larry Fink said on Wednesday it is studying cryptocurrencies like bitcoin to determine whether the asset class could offer countercyclical benefits.

In response to a shareholder asking whether the company would invest in bitcoin, Fink told its annual meeting: “The firm has monitored the evolution of crypto assets. We are studying what it means, the infrastructure, the regulatory landscape.”

BlackRock, the world’s largest asset manager running roughly $9 trillion, is a long-term investor, Fink said. And crypto currencies could potentially play a role in long-term investing as an asset class similar to gold.

For now, it is too early to determine whether cryptocurrencies are “just a speculative trading tool” he said. He also noted that broker dealers are the ones making the most money from the volatility of many cryptocurrencies and their wide bid-ask spreads.

Read the full article at reuters.com.

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