Larry Fink, the CEO of BlackRock, the world’s largest investment management company. He said that he sees great opportunities in the cryptocurrency market. However, you are not sure about the long-term stability of the market.
“I am not a knowledgeable Bitcoin expert and less can I predict where it will go. So I can’t tell you if it will go to $ 80,000 or $ 0. But I think there are great opportunities in cryptocurrencies and I think that will help consumers around the world. Larry Fink said in an interview for CNBC on Wednesday.
Although Fink said that he is fascinated by the interest in digital assets and that his company is studying the different sectors of the Blockchain and cryptocurrencies. He noted during the interview that “I’m probably more in favor of Jamie Dimon’s position.”
Jamie Dimon, is the CEO of JPMorgan Chase, and described a few days ago, Bitcoin as “a worthless asset.”
Dimon also noted that while his company will not acquire cryptocurrencies, it will provide “as clean as possible” access to this digital asset class. JPMorgan told its advisers in a memo in July that they could start buying and selling five cryptocurrency funds.
A filing with the United States Securities and Exchange Commission. It showed that the BlackRock Global Allocation Fund made $ 369,137 from Bitcoin (CME) futures contracts this year.
A spokesperson for BlackRock declined to comment on whether the company has future plans for products or other initiatives related to Bitcoin or cryptocurrencies.
Inflation is not a transitory phenomenon, says BlackRock CEO
A day before Larry Fink’s interview with CNBC, the CEO said at an Institute of International Finance event that he does not consider global inflation to be a transitory phenomenon.
US Federal Reserve Chairman Jerome Powell has said repeatedly in recent months that inflation is high due primarily to non-transitory factors.
“I’m not talking about permanent inflation, I don’t see any evidence of this, but I see persistence in inflation.” Fink explained, “I think that more than a transitory phenomenon, it is a matter related to problems in the supply chain and the high prices of raw materials.”
Fink added that the COVID-19 economy accelerated the growth of workers seeking more flexible working conditions with better wages and benefits.
“I think the dominance of the job-for-hire economy is wreaking havoc on the way we think about jobs.” Fink added.
More than four million people left their jobs in August. According to a survey of job vacancies and job rotation from the United States Department of Labor.
As predicted by BlackRock, inflation in the United States stood at 5.25% for September 2021, remaining at a level of 4-6% per month, for several months. Source: Inflation EU
Although the CEO of the company considers that cryptocurrencies are a good business opportunity. BlackRock executives did not mention cryptocurrencies in their official earnings report for the third quarter of this year.
A survey published by CoinShares earlier this month showed that around 56% of people believe that inflation will be a permanent phenomenon, while 44% think it is a transitory phenomenon.