BlackRock Won’t Launch Bitcoin ETF Until Crypto Is ‘Legitimate,’ Says CEO

BlackRock Won’t Launch Bitcoin ETF Until Crypto Is ‘Legitimate,’ Says CEO

Bitcoin News
November 2, 2018 by Sandra Onyeiwu
1209
BlackRock, the world’s largest asset manager, wants to stay away from crypto ETFs until cryptocurrencies become “legitimate.” BlackRock CEO Larry Fink said at the New York Times Dealbook Conference in Manhattan on Thursday. Bitcoin exchange-traded funds (ETFs) have been edging their way into the crypto market for months. While none have been approved just yet, the
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BlackRock, the world’s largest asset manager, wants to stay away from crypto ETFs until cryptocurrencies become “legitimate.”

BlackRock CEO Larry Fink said at the New York Times Dealbook Conference in Manhattan on Thursday.

Bitcoin exchange-traded funds (ETFs) have been edging their way into the crypto market for months. While none have been approved just yet, the one getting the most attention was submitted by VanEck SolidX.

Despite the asset management firm’s CEO, Larry Fink, being bullish on blockchain technology, he still has reservations regarding cryptocurrency.

Fink importantly noted that BlackRock isn’t closing the door on cryptocurrency-related investment products, but rather that they aren’t ready at this time. When asked about if they would ever release a cryptocurrency ETF, Fink said, “I wouldn’t say never, when it’s legitimate, yes.

According to Fink, ETFs “ultimately” have to be backed by a government, and that a government will not greenlight such a financial instrument unless it knew the funds were not being used for illicit activities.

Therefore the industry needs to grow up and become more mature before BlackRock considers launching an exchange-traded fund for digital assets.

Fink’s views on blockchain aside, the bottom line is that BlackRock isn’t poised to back/launch nor trade a Bitcoin-centric ETF any time soon, even in spite of rumors that the New York-based institution briefly spoke with San Francisco-based Coinbase on the matter.

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