저자: LarryFink · 외국인
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핑크 CEO는 블록체인 기술에는 관심이 있으나 암호화폐는 투기적 플랫폼이며 자금세탁에 많이 쓰인다고 말함. 고객 수요는 거의 없고 현재 BlackRock의 암호화폐 노출 요청도 없다고 함. 이후 Fox Business 인터뷰에서는 과거 회의론을 접고 비트코인을 정당한 금융상품이자 '디지털 금'으로 평가하며 포트폴리오 내 역할을 인정. 비트코인 현물 ETF 신청과 관련해 규제당국과 협의 중이라고 언급하되 구체적 전망은 피함.
다듬은 글
Have you developed a view on Bitcoin and cryptocurrencies and and and what is Black Rockck doing about them? Well, a I believe in blockchains. We're looking at many blockchains. We created provider Aladdin which is really a a blockchain between us and our our the underlying technology and but it's a private blockchain.
Okay. But that's we we believe we we create more and more uh flow through information uh by having all the different reference points of a of a transaction being u systematized. That's good. Related to cryptocurrencies um I'm a big believer in the potential of what a a a cryptocurrency can do. Um I you see huge opportunities in it.
But what we're talking about today, it's it's 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.
So I actually believe uh you you you're seeing the demand for it. But let's be clear, if we created a global a true global digital currency, I hate the word crypto, a digitized currency, then everybody had then every then you would not have money laundering anymore. You would have everything understood, everything would be flowing through um everything would be identified.
I you could see all the application except I'm horrified on one point. How do we preserve uh the system from cyber problems? Because if the whole world is using this one network for financial transaction, it it presents a lot of systemic risk. Is it time yet for BlackRock to either trade in digital assets or digital virtual currencies if you prefer or to create a product for your client?
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 a master class. No, it's not an institutional thing.
It's far from that. As I said, it's much more of a speculative platform for Asia and it's heavily used for moneyaundering. Is it true that you're building out a cryptocurrency capability? Uh, no. I mean we're looking at it um as I said in the past we are we are very excited about blockchain technology that's what we're looking at uh even in the Aladdin universe what we're trying to do there so we're looking at blockchain technologies and we're looking at all the
blockchain isn't crypto blockchain is just the underlying technology well that's the most important thing whether it is a cryptocurrency uh we're we're we're studying them to see how they're performing just and it may be you know it may 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. No. It's interesting. Goldman Sachs is building out a cryptocurrency trading desk. Morgan Stanley is building the same thing because they there are there's elements of people who are looking to trade it. I have not heard from any one client they're looking to in to uh uh to buy a cryptocurrency at this time when it when it becomes more legitimatized when it has the true uh true open nature of it that you identify who the players are on both sides uh that's when we'll probably look at it as an alternative um as an alternative to all currencies but um I have
right now you are aware then you are what do you mean just studying We're studying it. We're looking how they perform. We're looking at that type of data to understand it as we think about other other products. But right now, I can tell you it worldwide, I have not heard from one client who said, "I need to be in this."
A few moments later, since the start of 2023, Bitcoin has pulled off an absolute moonshot. The crypto of record has soared 83% with a good chunk of it coming since June 15th. That's when Black Rockck, the world's largest asset manager, filed an application for a spot Bitcoin trust ETF. Black Rockck's Eyesshares joins a crowd of fund managers from ARC to Invesco, Vanic, Gayscale, all these other fund companies that have been desperate to do the same, but they've been turned away by the SEC's bouncers.
The crypto world pinning its hopes on Black Rockck, which has a track record regulators say they find too good to reject. Joining us now in a Fox Business exclusive is Black Rockck's chairman and CEO, Larry Frink, along with Charlie Gasparino. Great to have you, Larry. Per SEC regulations, you cannot get into specifics, but as you look at all of your track records when it comes to eyeshares 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 u any filing.
And so I can't get into the specifics of this filing u 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 in the past we could be working with our regulators and get the filing approved.
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 for the mutual fund industry and it's really taking over the mutual fund industry and we do believe that if we can create uh u uh more tokenization of assets and securities and that's what Bitcoin is uh it could revolutionize again uh finance uh what we're trying to do with uh with with crypto is make it more democratized with all the crypto and make it uh much cheaper for investors.
Right now, the bid ass 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 uh the our regulators look at these filings that it's a way to democratize uh crypto.
I I know you have been a leader in willing to embrace crypto. You have made it so that people can be in Bitcoin. We hear that you are thinking about Ethereum. These are incredible things. HOW NOW BLACK ROCKCK is not known as a uh a gunslinger by any means. So you obviously must believe that this may be as an alternative.
Is this an alternative uh in order to be able because of the a deficit maybe something longterm people should have? Absolutely. Um as you know I was a skeptic. Yes. I you know I was a proud skeptic and I studied it and learned about it and I came away saying okay you know my opinion 5 years ago was wrong here's my opinion today this is what I believe in today I believe the opportunity today I believe Bitcoin is legitimate I'm not trying to say there's not misuses like everything else but it is a legitimate financial instrument that allows you to have maybe uncorrelated non-correl correlated type of returns.
I believe it is an instrument that you invest in when you're more frightened though. It is an instrument when you believe that co countries are debasing their currency debasing their currency by excess deficits and some countries are. I believe we have um countries where you're frightened of your everyday existence and have an opportunity to invest in in a a something that is outside your country's uh you know control then you can have more financial control.
And so I'm a a major believer that there is a role for Bitcoin and in portfolios. I believe you're going to see that as an as one of the asset classes that we all look at. I look at it as digital gold as I said before and I do believe there's a there's a there's a real need for everyone to look at it as as one alternative to I would say the optimism that I have in the world.
If you want to hedge hope, Bitcoin is not a an instrument for hope unless you're hopeful you're going to make a lot of money on it. But I I look at it as a vehicle in which you're expressing your your financial acumen in something that you're more frightened of the world. You're more frightened of your existence.
And I believe there's a great industrial use for it. And I and I think a lot of people are missing that. I couldn't agree more. I changed my mind about it when you did. You had been my thinking. It was like uh he didn't believe it. So I can't believe it. I want to thank Larry Frink for the message of optimism.
You were never a crypto skeptic like Buffett. I mean Buffett and and Charlie Munger come out and they they say all this bad stuff about but you were kind of skeptical. I was skeptical because the early users were it was heavily used for let's say illicit activities um 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 an it's an instead of investing in gold as a hedge against inflation, a hedge against the o the ownerous problems of any one country or or the or the devaluation of your currency, whe 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 it can represent a asset that people can play as an alternative. I would call the the foundation of Black Rockck is about hope. You invest for retirement because you believe tomorrow is better than
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