BlackRock Aims to Lower Bitcoin Trading Costs, CEO Larry Fink Says

BlackRock, one of the world's largest money managers, is aiming to make trading Bitcoin more affordable and accessible, according to CEO Larry Fink. In a recent interview on Fox Business, Fink referred to Bitcoin as an "international asset" and expressed the company's desire to leverage its influence to reduce costs associated with investing in the cryptocurrency.

 

Fink highlighted the current high transaction costs of Bitcoin and called on regulators to view BlackRock's recent filings as a means to democratize the crypto space.

 

Last month, the financial giant filed paperwork to establish an exchange-traded fund (ETF) directly investing in Bitcoin. This move sparked a flurry of similar applications from competing issuers and led to a surge in Bitcoin's price, surpassing $30,000.

 

Bitcoin experienced a significant increase of over 12% in June alone, and its value has risen by more than 80% since the beginning of the year. In light of BlackRock's ETF proposal, Nasdaq recently refiled the application, providing additional details that indicate Coinbase Global Inc. will oversee market surveillance for the new product.

 

Fink emphasized the importance of engaging with U.S. regulators, particularly the Securities and Exchange Commission (SEC), to advance the initiative.

 

Fink described Bitcoin as an alternative asset with global reach, comparing it to the digitization of gold. Initially, he admitted being skeptical due to its association with illicit activities.

 

However, BlackRock now perceives cryptocurrency as an opportunity and emphasizes its close collaboration with regulatory authorities.

 

The company's efforts to enhance accessibility and affordability in Bitcoin trading reflect the growing acceptance and interest from institutional investors. As BlackRock continues its pursuit of a Bitcoin ETF, the impact on the cryptocurrency market and the broader investment landscape remains to be seen.

 

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