You may have heard of BlackRock. The company is basically the largest asset management firm in the world with approximately $6.4 trillion USD in assets, so while it is not so influential in the crypto space as the company does not offer any crypto product, it is a very important player in the market.

The CEO of BlackRock, Lary Fink, is very bullish on the blockchain technology but he is not completely sold on cryptocurrencies yet, so the company is not really offering any new crypto products for its clients.

Recently, Fink has commented on his opinion on the crypto market. This happened after CNBC interviewed him during the New York Times Dealbook Conference in Manhattan, which happened today, November 1.

While, just like many others in the industry, Fink affirmed that it was important to notice that the company was not shutting its doors to crypto investments and related products, they simply did not believe that they were ready to do it at this time. Why? Because it was not “legitimate”.

Fink used these exact words:

“Legitimate. According to him, the company would only think about launching their own cryptocurrency ETF (probably based on Bitcoin) if the market could find its legitimacy in the crypto circles.”

Despite the lack of confidence in cryptos, Fink has affirmed that he is very bullish on the blockchain technology and that he believes that the technology that underpins the cryptocurrencies is their most valuable part and that it could revolutionize any industry that is based on paper for the better. Because of this, he believes that this is a technology worth investing in.

If you follow the crypto news, you are probably familiar with the whole ETF issue. Exchange traded funds (ETF) are regulated in the United States by the Securities and Exchange Commission (SEC) and the agency has to approve any Bitcoin ETF before it is launched.

Many companies have already tried their luck and now the agency is evaluating the VanEck and SolidX proposal, which seems likely to be approved as the market really wants the ETF. The SEC has often postponed the decision to release the companies to launch the ETF, so everybody in the crypto market is eagerly awaiting the for ETF and the expected bull market.

Most people are at least cautiously optimistic about the ETF, but some people are not so much and Fink is one of them. One of the main issues of the industry for the big players is the lack of regulation. While most of the old investors are not so keen on regulation, the newer institutional investors are too averse to risk and they will not invest in something that looks insecure.

Because of this, Fink is talking about legitimacy. If Bitcoin is further regulated, there is a higher chance that ETFs will be approved and that investors will have enough confidence to put their money on an ETF.

He believes that having some backing from the government is very important for the asset to get the legitimacy that it needs to grow. The main problem, he believes, is that governments will only allow it when they see that it will not be used mainly for tax evasion.

As the currency was widely used for buying goods on the dark web before, he believes that its reputation is somewhat stained and that the anonymity is a big negative factor as people can use Bitcoin to buy guns, drugs and other illicit goods. While criminals are using more Monero now, as us specialized commentators know, Bitcoin is still widely used for this.

However, with the regulation issue out of the way, Fink has shown that he is eager to believe in the potential of crypto. According to him, cryptos could one day be seen as a good way to store wealth, but not necessarily now.

“Right now the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing”, he affirmed, meaning that he believes that cryptos are, indeed, the future, but not the present.”

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