CEO of Blackrock: Bitcoin is more than a financial product

The head of the world's largest asset manager sees more in Bitcoin and other cryptocurrencies than just another financial product.

In an interview yesterday, the CEO of asset manager BlackRock commented on the false reports surrounding the approval of a Bitcoin ETF.

According to Fink, the short-lived rally in the wake of the news was "a sign of pent-up interest in crypto," he told Fox Business.

The fake news yesterday about the approval of BlackRock's bitcoin spot ETF application by the U.S. securities regulator had caused the cryptocurrency's price to temporarily skyrocket to $30,000.

When it became known that this was fake news, however, BTC fell again just as quickly. BlackRock confirmed moments later that the application was still being reviewed by the SEC.

Nevertheless, BlackRock's CEO stressed the need for Bitcoin. "Today's rally goes far beyond the [Bitcoin ETF] rumor. Today's rally is about a flight to quality," Fink explained.

Meanwhile shadow analists of Bloomberg a 90 percent chance that an application for a Bitcoin spot ETF will be approved by Jan. 10, 2024.

Besides BlackRock, other institutions awaiting approval of their Bitcoin ETF applications by the SEC are Fidelity and Grayscale.

Recently it was announced that the SEC had issued a court ruling in favor of a Bitcoin ETF would not block it. Approval thus seems only a matter of time.