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really much more of a speculative uh plat you know people are speculating on it but most importantly what I think about most of these cryptocurrencies it just identifies how much money laundering there is being done in the world how much people are trying to move currencies from one place to another is it time yet for Black Rock to either trade in digital assets or digital virtual currencies if you prefer or to create a product for your clients we're not hearing we're not hearing any demand from any of our clients other than Maybe some speculative stuff we're being asked that question but it's more of like a venture capital type of uh interchange but we're not hearing clients saying we want to use this as an ass of class no is it true that you're building out of cryptocurrency capability uh no don't your clients want crypto exposure no I don't believe any client has sought out crypto exposure really yes but at some point they might do you need to be prepared I don't at the moment know I have not heard from any one client they're looking to to uh uh to buy a cryptocurrency at this time so and when you think about all the people who send money you know they may work in one country send money back home they generally do that through organizations that charge 5 to 10% there is a need whether it's a Libra or something else to democratize the exchange of foreign currencies the as the bitcoiners were say that's progress for you at least to get to the point where you're saying that about Libra you're still not well I'm still fascinated about it I'm encouraged by how many people are focusing on it I'm encouraged about the narrative it may become a great asset class and I do believe this could become a great asset class you know cryptocurrency I don't believe it's a substitute for currencies I think we're going to have cryptocurrency of dollars cryptocurrencies of other currencies but I don't believe uh we should be Focus we should think about crypto as a substitute of currency but it could but I am fascinated by it as an asset class I do believe there's components in the financial markets about crypto that is real that is growing but but if you're asking me specifically about long-term investing from Sovereign wealth funds from Pension funds from Retirement services from big family offices the the conversation about crypto is a a very minor conversation specifically on on bitcoin as I've said in the past um we're a believer in digitization of of of products I was skeptical because the early users were it was heavily used for let's say elicit activities um and I think as it became more accessible and also I do believe the role of crypto is um it is it 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 O the onerous problems of any one country or or the or the devaluation of your currency what whatever country you're in um let's be clear Bitcoin is is an international asset it's not based on any one currency and so it it it can represent a asset that people can play as an alternative well no I actually believe the underline technology is fantastic 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 buyer and sellers are we are hearing from clients around the world about the need for crypto I mean when you think about I think some of this rally is Way Beyond the rumor I think the the rally today is about a flight to Quality with all the you know all the issues around the Israeli War now um Global terrorism and I think there's more people running into a fight the quality whether that is in treasuries gold or crypto depending on how you think about it and I believe crypto will play that type of role as a flight to Quality
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