Bitcoin Discussion - $9 Trillion Asset Fund Manager, Blackrock CEO - Larry Fink

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01. chairman and CEO Larry Fink along with Charlie gasparino great to have you Larry Liz Charlie it's good to be here on a summer day yeah and we're cool in here Mary I know that per sec regulations you cannot get into specifics but as you look at all of your track records when it comes to eye shares and approvals how do these things work out how long does it take and what do you think odds are of any of your ETFs that you float getting accepted well we we try to do what's right for the long-term investor and I think we have a good track record working with our regulators and trying to making sure we are we're thinking about all the all the issues around uh any filing and so I can't get into the specifics of this filing um but I think the chart speaks quite well we work really closely with our regulators and we want to hear from The Regulators what they what are their issues and how can and can we fix those issues around that so we hope that like in the past we could be working with our regulators and get the filing approved one day and I don't I have no idea what that one day will be but um and and so we'll see how that all plays out specifically on on bitcoin as I've said in the past um we're a believer in digitization of of of products um you know ETFs was a big revolution from the mutual fund industry and it's really taking over the mutual fund industry and we do believe that if we can create great more tokenization of assets and securities and that's what Bitcoin is it could revolutionize again uh finance and so we look at this as a as an opportunity to move one step further in terms of providing uh investors you know fractions of shares fractions of this democratizing the cost of investing you know over the last 10 years we've lowered the cost of ishares ETFs by 30 percent so what we're trying to do is make it more accessible or easy the attempt in terms of what we're trying to do with uh with uh with crypto is make it more democratized with all the crypto and making it much cheaper for investors right now the bid ask spread for crypto is very expensive it does erode a lot of the returns that you speak about because it costs a lot of money right now to transact Bitcoin and it costs a lot of money to get out of that and so we hope uh the our Regulators look at these filings as a way to democratize uh crypto and and and and we'll see in the future how that plays out you were never a crypto skeptic like Buffett I mean Buffett and and Charlie Munger come out and yeah they disable this bad stuff about it well you were kind of skeptical yeah I was skeptical because the early users were it was heavily used for let's say illicit activities and I think as it became more accessible and also I do believe the role of crypto is um it is it is it's digitizing gold in many ways it's a it's a instead of investing in gold as a hedge against inflation a hedge against the the onerous problems of any one country or or the or the devaluation of your currency whatever country you're in um let's be clear Bitcoin is an international asset it's not based on any one currency and so it it can represent a asset that people can play as an alternative I would call the the foundation of BlackRock is about hope you invest for retirement because you believe tomorrow is better than today right but it isn't but it didn't hasn't the the technology sort of diverged from the value of the digital coins I mean I don't know a lot of people who use the um the blockchain that's the Bitcoin right technology to transact I know a lot of people hold Bitcoin you don't hold Bitcoin right I don't own anything other than mutual funds yeah okay but you see what I'm saying you know there's been advancement people there's a utility it seems out of nowhere about this digital coin I don't see the utility in the underlying um technology and isn't that bad well no I actually believe the underlying technology is fantastic because because the blockchain will help you accelerate the processes of transactions the blockchain will help you identify I mean let's be clear if you have a pure blockchain and you have every you have knowledge of who the buyers and sellers are we could then you know we don't need custodians anymore we don't need you know the whole process of Finance some of the intermediaries are broken down and so this is why we're all studying but we're not there we're not close to there but it's an advancement of technology I mean it's no different than the spirit around Ai and what Aya can do Larry