In a recent report made by Financial News London, it was stated BlackRock Inc created a working group to study if cryptocurrencies would be a good addition to their asset management firm. The news seemed to have a positive effect in the crypto markets as BTC and altcoins appeared to finally see a bear market reversal. Shortly after the news was made by FN London, BlackRock CEO, Lary Fink, gave an interview with Bloomberg and Reuters to clarify rumors on his firm adopting cryptocurrencies.
In the interview with Bloomberg, Fink states that the asset management firm isn’t buying due to lack of interest from clients.
“I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says, ‘I need to be in this.’”
All though a working group has been put together to look into crypto, for now they are just studying coins’ performances to determine whether they can be a legit alternative to cash. When asked if he feels the need to be prepared for the day when clients might want exposure, Fink answered, “at the moment, no.”
It is not surprising to see Fink’s stance on cryptocurrencies as he has not expressed interest when questioned on the topic in the past. Back in November, Fink described Bitcoin as a speculative only investment that thrives due to cryptocurrency’s anonymity. While Fink does not see BlackRock getting into crypto anytime soon, he did express his excitement about blockchain technology and it’s possibility to enhance their Aladdin system for risk management, portfolio management, and trading.
Watch interview on Fink stating his opinion of the current US markets.