6 Trillion Dollar Larry Fink Explains Why Bitcoin Succeeds
Blackrock Inc' Chief talked about Bitcoin at the annual gathering in NYC
Blackrock Inc’s Chief expressed his thoughts to Reuters, at the annual gathering of financial elites in NYC. He claimed: “Bitcoin is tiny in the scheme of financial markets. There’s too much focus on bitcoin. I don’t know why it has so much fascination for the press.”
The Canadian holding company, “Woodbridge Company Limited”, owns Thomson Reuters. On 13 November 2017, the agency held its annual conference, Reuters Global Investment 2018 Outlook Summit in NYC. Among other financial elites was Larry Fink, Blackrock Inc’s Chief Executive.
Larry Fink gave his point of view about Bitcoin
There, Larry seemed to dismiss the entire affair, saying to the conference: “The reason why it does so well is it is anonymous. It’s anonymous, and it’s cross-border.”
Readers might not be aware of Blackrock bank, but the reader’s banker surely is. This bank operates outside traditional depository banking. It is known as a “shadow bank” or “a bank of banks”. It manages approximately 6 trillion USD in assets.
Mr. Fink continued: “If you legitimize Bitcoin, you know who your counterparties are…the question is how many people will use it if you have to acknowledge you are a buyer or a seller.”
Previously he had expressed his concerns publicly in a statement: The cryptocurrency is little more than a very speculative instrument. More importantly, it is an instrument that people use for money laundering.”
Later, he wanted to lead the conversation to his company’s comfort zone. He mentioned how someone younger aiming to beat inflation should plow money into bonds and stocks. “100 percent equities is the right investment strategy,” he stated.