‘Transcend’ The U.S. Dollar—BlackRock CEO Issues ‘Important’ Crypto Prediction After Huge Week For The Bitcoin, Ethereum And XRP Price

16 July 2023

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BlackRockBLK, the world’s largest asset manager that looks after $10 trillion worth of value, has triggered a stunning bitcoin and crypto boom in recent weeks.

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The bitcoin price has doubled so far this year, revitalizing the ethereum, XRPXRP and wider crypto market that suffered a catastrophic crash through 2022—with some predicting a multi-trillion dollar China bombshell is just around the corner.

Now, BlackRock’s legendary chief executive Larry Fink, who shocked the world when he announced a surprise crypto flip last week, has said he expects crypto to “transcend” traditional currencies, including the U.S. dollar.

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supporter of crypto, helping the price of bitcoin, ethereum and XRP soar in recent weeks.

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“Importantly, because it’s so international, [crypto is] going to transcend any one currency in currency valuation,” Fink, who last week said bitcoin and crypto could “revolutionize finance” in a dramatic reversal from his previous position of bitcoin being nothing more than an “index of money laundering,” told CNBC.

“More and more of our global investors are asking us about crypto,” Fink said, explaining BlackRock’s move to file an application for a U.S. spot bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) last month.

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BitcoinBTC and crypto have a “differentiating value versus other asset classes,” Fink said, adding BlackRock has “a responsibility to democratize investing” via ETFs and pointing to BlackRock’s history of using ETFs to “transform investing.”

[crypto-donation-box]

Fidelity and other Wall Street giants quickly followed in BlackRock’s ETF footsteps, betting the world’s largest asset manager will find a way through the regulatory fog that’s so far impeded a U.S. spot bitcoin ETF.

“We are working with our regulators because, as in any new market, if BlackRock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected,” Fink said.

This week, the SEC suffered what many interpreted to be a setback in its attempt to rein in the crypto market when a federal judge ruled the sale of Ripple’s XRP on exchanges and through algorithms did not constitute investment contracts. However, the court found Ripple’s institutional XRP sales did violate federal securities laws.

The ruling boosted the combined crypto market, sending the bitcoin price, ethereum and XRP soaring. The XRP price rocketed by around 60% in the 24 hours after the news broke as traders bet the regulatory uncertainty that’s weighed on the crypto market in recent months could be ending.

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years, rebounding after a price crash last year that weighed heavily on the price of ethereum, XRP and other cryptocurrencies.

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This year has seen pressure on U.S. lawmakers and regulators to come up with a framework for how bitcoin and crypto exchanges and businesses operate increase as Europe and countries across Asia pull ahead.

“The U.S. has an opportunity to be a leader in establishing the frameworks for bitcoin financial products and regulations and a hub for innovation,” Alex Adelman, the chief executive of U.S.-based bitcoin rewards app Lolli, said in emailed comments.

“However, if the U.S. keeps its laggard pace on establishing innovative financial policies and products, we will see the U.S. fall behind other global powers and leading companies in the fast-growing crypto industry migrate away from the U.S. over time.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.