BlackRock CEO Larry Fink has thrown his support behind an Ethereum (ETH) exchange-traded funds (ETFs).
BlackRock’s Larry Fink Sees “Value” in Ethereum ETFs, Future of Tokenization
BlackRock CEO Larry Fink has thrown his support behind an Ethereum (ETH) exchange-traded fund (ETF), signaling the asset management giant’s growing interest in cryptocurrencies beyond bitcoin (BTC).
“I see value in having an Ethereum ETF,” Fink said. “These ETFs are stepping stones towards tokenization, and I believe that’s where we’re headed.”
BlackRock’s iShares Bitcoin Trust (IBIT) was among the several bitcoin ETFs that made their trading debut in the United States on Thursday, following the Securities and Exchange Commission’s (SEC) approval.
IBIT accounted for a significant portion of the total trading volume that the ETFs collectively saw.
Fink’s endorsement of an Ether ETF comes as BlackRock is looking to list a similar product for Ethereum’s native token.
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This move would align with the company’s broader strategy of embracing tokenization, which involves representing assets (real world or digital) in the form of tokens on the blockchain.
Fink believes that tokenization can help eliminate issues related to money laundering and other forms of corruption.
He also sees cryptocurrencies, particularly Bitcoin, as an asset class that can provide protection against geopolitical risks.
“Bitcoin is similar to gold in that it’s a scarce asset,” Fink said. “However, unlike gold, we’re almost at the maximum supply of bitcoin that can be created.”
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