저자: 래리핑크 · 한국인
요약 보기
래리 핑크는 과거 회의론에서 전환해 현재 비트코인에 우호적이며, 비트코인을 통화보다 금에 가까운 대체 자산으로 본다. 비트코인 ETF 출시 첫날 약 40% 유입을 언급하며 ETF가 자산 토큰화의 첫 단계라고 주장한다. 그레이스케일 등 기존 신탁 대비 수수료 우위(20~30bp vs 120bp)와 SEC의 현물 이전 거부 문제도 지적한다. 이더리움 ETF 전망에는 답을 피했다.
다듬은 글
Yes, I probably changed my mind in the first three years of thinking about it. I was a skeptic, and about two years ago I changed my mind , and as I said, for the last two years I've been a big fan. Mr. Fink. This is the first time we have the opportunity to talk to you about this, specifically about Bitcoin .
about Bitcoin ETF. We're going to talk to Gary Gensler, the chairman of the SEC, who made this decision reluctantly, perhaps even reluctantly, which was announced just two days ago, and we talked a lot about it on the air yesterday. How important is this for BlackRock, and was it a big change for you as well , because you were a skeptic for a very, very long time.
Yes, I probably changed my mind in the first three years of thinking about it. I was a skeptic, and about two years ago I changed my mind , and as I said, for the last two years I've been a big fan. Are you a supporter personally, meaning are the Fink family a.m. buyers of Bitcoin or buyers of this new ETF?
Well, now I could do it . I can't, you know, I don't want to compete with our customers. So I don't buy individual assets. I buy mutual funds. I buy individual ETFs. So now I have the opportunity to do it. But I believe in it because I believe it is an alternative source of wealth accumulation. I don't believe it will ever become a currency.
I believe it is an asset class. You don't believe this will ever become a currency? No. I think we will create digital currencies. We will use technology for this. We will use blockchain. Um, how important is this to Bitcoin's long-term value proposition ? If it's not something that will eventually become a currency, if it's just, let's say, digital gold, it's a kind of asset, what does that mean?
That means in terms of price, I think, you know, I think it goes up if the world becomes more scared, if people are afraid of geopolitical risks. They are afraid of their own risks. Um, this is no different than what gold has represented for millennia. This is an asset class that protects you. And unlike gold, where we are producing new gold, we have almost reached the ceiling on the number of bitcoins.
Someone like, I mean, when you hear someone like Katie Wood who was on our show yesterday, she said that her base case is a Bitcoin valuation of $600,000, and in the overly optimistic case, over a million. Do you share her opinion? I didn't think about that. What's important to me is that we're trying to offer a tool that can preserve wealth.
I think if the price gets closer to that level, gold will have even more value. And let's be honest: if you consider this digital gold, there will always be a point of reference between gold and Bitcoin. But let me go back to what happened yesterday. The part of our announcement that you mentioned at the beginning is that we changed the architecture of our firm, correct?
And a lot of it has to do with how we treat iShares and ETFs. When we bought BGI, few people believed in the acquisition, and we were criticized quite a bit for a couple of years because we argued that active and passive investing could coexist. Obviously, we were right about that too. We said that the fixed income market is being transformed by ETFs.
It has already happened. Yesterday was the first day of the Bitcoin ETF, and our reorganization reflects the ethos that has developed over the past 10 years. We believe that ETFs are a technology that will transform every asset class. We believe that everything will be done through ETFs. So we believe this is just the beginning and we need to implement ETFs across our entire operations.
What does this mean? If you take Rick Reeder, who has been with us for many years, Rick is now creating more ETFs in his active management space. This is a great example of how we take the experience of an active investor and transfer it to an ETF platform. Let me clarify. I believe that ETFs are the first step in a technological revolution in financial markets.
The second step will be the tokenization of each financial asset. And in my opinion, that's what it's all about . So we look at Bitcoin and ETFs in the same vein. These are technological changes that allow us to move forward. By the way, what did you see yesterday regarding the inflow of funds into Bitcoin?
We are very happy with the streams. It looks like we got about 40% of all streams yesterday. Although, of course, one day is not enough to draw conclusions. Are these new clients, or are they people transferring from other funds? I mean, Grayscale is the biggest player in this space right now. Are you trying to take market share away from them by luring away their customers, or are you trying to create a new class of consumers?
First of all, we are trying to create an opportunity for new clients to invest in this financial instrument for the long term, given the difference in fees between ETFs and some of these trusts . These trusts have a commission of about 120 basis points. This is very expensive; We spoke with the head of Grayscale yesterday, it's still an expensive product.
And in an ETF wrapper, it's only 20–30 basis points. By the way, it is also expensive for a Grayscale client to sell their shares. It's very taxing, yes. And that's a big problem with the SEC that you might want to ask Gary about. The industry requested permission to transfer in-kind assets into ETFs, but the SEC rejected it .
This is a fact. I mean, let's dot the i's clearly . The industry, meaning companies like yours, asked the SEC to allow people who owned shares through Grayscale to transfer them in kind to BlackRock, Fidelity, or whoever. To avoid tax consequences. This was refused. They wanted to create a scheme purely on a cash basis, and we respect the SEC's reasoning.
Ahem. In fact, this gives Grayscale the ability to retain these customers for much longer. That's right. But I think in the long run, when you start adding up all those fees, people will start thinking about getting out and eventually moving into ETFs. In the long term. Do you expect other cryptocurrency ETFs to emerge?
I mean, do you think Gary, and we'll talk to him later, Gary Gensler , will be forced to approve an Ethereum ETF? And does it depend on the SEC's decisions, or do you believe that all these issues should first be resolved through the courts? I can't answer that. I see value in creating an Ethereum ETF.
As I said, these are just the first steps towards tokenization, and I truly believe that is where we are headed. We already have the technology for tokenization. If you want to discuss this, think about this. If you have a tokenized security and a tokenized identification, Andrew, the moment you buy or sell the instrument, it becomes known.
This is recorded in the general ledger , which is created jointly. Um, you want to talk about money laundering issues and all that . This eliminates any corruption thanks to the tokenized model
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