BlackRock CEO Bullish on Ether: New ETF Signals Gold-like Future

BlackRock CEO Bullish on Ether: New ETF Signals Gold-like Future

BlackRock, the prominent asset management giant, seems to be extending its focus to include an equivalent product for Ether, the native token of the Ethereum blockchain, in its ongoing pursuit of tokenization. Larry Fink, the CEO of BlackRock (BLK), expressed his support for an Ethereum exchange-traded fund (ETF) just a day after the launch of the eagerly awaited Bitcoin (BTC) ETF.

Latest Buzz | NYC Mayor Defends Housing Migrants at High School

Latest Buzz | Do Kwon on the Run? Terraform CEO Delays Trial to Dodge U.S. Justice

In an interview with CNBC on Friday, Fink stated, “I see value in having an Ethereum ETF. These are just stepping stones towards tokenization, and I really do believe this is where we’re going to be going.” BlackRock’s iShares Bitcoin Trust (IBIT) successfully debuted in the U.S. on Thursday following approval by the Securities and Exchange Commission (SEC) on Wednesday. Notably, IBIT contributed around $1 billion to the overall $4.6 billion trading volume collectively witnessed by the ETFs.

Breaking Buzz | Delta Takes Off: Profit Soars 2 Billion in 2023, Airline Charts Course for International Growth

Looking ahead, the asset management giant appears to be exploring the possibility of listing a comparable product for the native token of the Ethereum blockchain as part of its ongoing journey toward tokenization. Tokenization involves representing assets, whether real-world or digital, in the form of a token on the blockchain. Fink sees tokenization as a means to address issues related to money laundering and other forms of corruption.

Additionally, Fink clarified his perspective on cryptocurrency, viewing it not as a currency but as an asset class. He specifically referred to Bitcoin as “an asset class that protects you” against concerns related to geopolitical risks. Drawing a parallel with gold’s historical role over thousands of years, Fink highlighted that unlike gold, we are nearing the maximum limit of Bitcoin that can be created.

About Author

John Smith

John Smith is a distinguished journalist, holding a Master's in Journalism from the renowned Columbia University. With a knack for uncovering the most captivating stories, John is the go-to expert for all things related to politics and current affairs. His insightful analysis and commitment to unbiased reporting set him apart in the world of journalism. John's writing ensures you're always in the know about the latest happenings in the USA.

Leave a Reply

Your email address will not be published. Required fields are marked *