CEO of $9 Trillion Asset Manager 'Can't Tell' if Bitcoin Is Going to $80,000 or $0

Larry Fink, CEO of the world’s largest asset manager with $9 trillion in assets under management, BlackRock, has revealed he “can’t tell” if the flagship cryptocurrency bitcoin is going to move up to $80,000 or $0 in the future, but reiterated excitement about the future of cryptocurrency.

Speaking to CNBC’s “Squawk Box,” Fink noted that he is “not a student of Bitcoin” right after saying he is “more in the Jamie Dimon” camp when it comes to the flagship cryptocurrency.

Jamie Dimon, as CryptoGlobe reported, is the Chairman and CEO of U.S. banking giant JPMorgan Chase, and recently revealed he believes bitcoin is “worthless,” before questioning its 21 million supply cap while speaking at the Institute for International Finance event.

Bitcoin’s code, it’s worth noting, notes the maximum number of BTC that will ever exist is limited to 21 million. In theory, changing bitcoin’s supply cap is possible, but it would require consensus among network participants to do so. As it stands, most if not all BTC users seem to like the 21 million cap, which was set by Bitcoin creator Satoshi Nakamoto.

During his interview with CNBC, Fink noted he does believe there is a “huge role for a digitized currency, and I believe that’s going to help consumers worldwide.” Whether Bitcoin, another private cryptocurrency, or an official governmental digital currency will do that remains to be seen.

The CEO did add that he now has “more conversations with people in the street on crypto than anything,” adding that this is “fantastic, seeing how people have become so fascinated about it that they’re showing interest in this.” He added:

As I said, I see huge opportunities in a digitized crypto/ blockchain-related currency, and that’s where I think it’s going — and that’s going to create some big winners and some big losers.

It’s worth noting BlackRock has taken significant stakes in two publicly traded bitcoin mining firms through a capital commitment just shy of $383 million. As reported,  BlackRock invested $206.7 million to buy 6.71% of Marathon Digital Holdings and $176.1 million to buy 6.61% Riot Blockchain. The investments were spread across several of BlackRock’s mutual funds and exchange-traded funds (ETFs), including its iShares Russell 2000 ETF.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pexels

Source: Read Full Article