BlackRock CEO Larry Fink: Bitcoin’s role is the digitization of gold – ETF application accepted by the SEC

• More and more crypto ETFs are being applied for with the SEC
• Cryptocurrencies should be democratized and made more accessible
• Bitcoin as digital gold

ETF application accepted by BlackRock

Bitcoin ETF filings with the SEC are piling up. BlackRock, led by Larry Fink, also recently applied to the US Securities and Exchange Commission for a Bitcoin exchange-traded index fund.
ETFs are typically mutual funds that track specific indices and are traded on exchanges. In the context of cryptocurrencies, a fund that reflects the value of one or more digital tokens and includes a variety of cryptocurrencies is referred to as a crypto ETF.

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As Cointelegraph reports, the SEC has accepted the company’s filing, after accepting a similar filing from Bitwise the day before. Acceptance of the application now means that BlackRock’s official review process will begin. Also, with the assumption, the SEC is signaling that the agency is quite willing to look into a direct ETF for Bitcoin and study the potential impact on the market. But not only BlackRock and Bitwise have filed ETF applications with the SEC. The agency also recently stated that it is currently reviewing ETF applications for other Bitcoin funds, including Wise Origin Bitcoin Trust, WisdomTree, VanEck, and Invesco Galaxy.

“Democratization of all cryptocurrencies”

In a recent interview with FoxNews, Larry Fink explained what the ETF application means for the crypto sector. “What we’re trying to do with crypto is democratize all cryptocurrencies and make them cheaper for investors. The money range for cryptocurrencies is very wide. It erodes a lot of the returns, […] because right now it costs a lot of money to trade bitcoin and it costs a lot of money to get out of it. So we hope our regulators will see these filings as a way to democratize cryptocurrencies, and we’ll see how that plays out in the future,” said the BlackRock CEO. Fink believes that cryptocurrency ETFs can do what traditional ETFs can do for the mutual fund industry. He noted that ETFs represented a significant revolution for the mutual fund industry and are actually taking over the industry. He also believes that greater tokenization of assets and securities has the potential to revolutionize finance again.

Bitcoin: “digitalization of gold”

He also commented on the potential he sees in Bitcoin. Especially since cryptocurrencies, especially bitcoin, have become more accessible, Fink sees the role of bitcoin as the digitization of gold. “Rather than investing in gold to protect against inflation, to protect against a country’s pesky problems, or against the devaluation of one’s currency. To be clear, Bitcoin is an international asset,” explains Fink. He is also of the opinion that Bitcoin will surpass every single currency in the future. Here, too, the advantage of tokens is that the majority of cryptocurrencies are international assets. “More importantly, because it’s so international, it will go beyond a single currency when it comes to currency valuation,” he explains.

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