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oh man just got back from playing a bit of football to find out that Larry Fink is on Fox Business live talking about the Bitcoin spot ETF so funny to see how these institutional players are now rotating and suddenly calling you know an asset which at once they were saying was used for illicit activities and was like the Wild Wild West to now saying it's an Institutional asset here's what he had to say BlackRock and NASDAQ refiled naming coinbase as the custodial surveillance partner of the spot Bitcoin Trust the crypto World pinning its hopes on BlackRock which has a track record Regulators say they find too good to reject at least that's what people think blackrock's 576 ETF applications 575 have been accepted and just one has been rejected I know you're all asking which one I'll tell you later it was in 2014.
because the entire crypto sector weights and watches joining us now in a fox business exclusive is blackrock's 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 Barry 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 ishares 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 any filing and so I can't get into the specifics of this filing 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 for 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 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 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 the our Regulators look at these filings that is a way to democratize uh crypto 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 Charlie Munger come out and yeah they disable this bad stuff about it but you were kind of skeptical yeah I was skeptical because they're 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 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 the digital coins I mean I don't know a lot of people who use the um uh the blockchain that's the Bitcoin 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 you know people there's a utility it seems out of nowhere about this digital coin I don't see the utility in the underlying technology and isn't that bad well no I actually believe the underlying 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 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 Water Market here right we have come out of a bank crisis didn't feel many to the banks that went under three of them yes but the the very issues that put those Banks under whether it was Bank Management in relation to higher interest rates have not gone away now we've got the roller coaster coming right at Commercial Real Estate yes are there more banks that you foresee failing whether they are the Regionals we just talked to David Rubinstein at the top of the show and he he thinks maybe in a couple of years we will see some of these go away we have 4400 Banks we are the we have more banks in the United States than any country in the world we believe in local banks so we have a strong foundational belief that local banks are good but the half 4400 maybe is too many uh it lets you frantic perfectly I believe interest rates are going to continue to go higher I think the Federal Reserve is going to have to do minimum number two but maybe as much as four more rate 25 basis points 25 base points another 100 base of points I actually believe inflation is stickier and more structural and so I I see a future of higher interest rates higher interest rates that is going to create more stress and Commercial Real Estate commercial real estate is the largest asset category of regional Banks and so they there may be stresses so there you have it guys that was Larry Fink on the Bitcoin sport ETF the Market's weight in baited bread for the CTF announcer right if we get this ETF announced which could be as soon as Q3 Q4 maybe q1 next year this could be huge for the space and what's very very important to understand is Larry thinker you just heard from there and more importantly BlackRock they are not in the business of getting rejected right this is why the markets are front running right now they know Blackboard do not file for ETFs it's not like the other ETF filings they do not file unless they know something or they've had like a you know a a nod ahead of time right so that's what we're looking out for here markets are exciting of course the risk is still to the downside as well right if everybody's fun running that the CTF gets approved and we don't it could be worse than if we didn't even have BlackRock file in the first place so there are some risks there as well but definitely an exciting time more new money can enter into the market institutional money can enter in the market ultra high Network individuals can now easily access Bitcoin via spot ETF it's a real game changer and that's there's a reason why the markets are excited hope you enjoyed this quick update guys if you appreciate this type of content make sure you smash the likes don't forget to subscribe and I'll see you in the next one thank you
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