저자: LarryFink · 외국인
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래리 핑크는 비트코인 현물 ETF 승인을 블랙록 입장에서 중요한 전환점으로 평가하며 비트코인을 통화보다는 디지털 금 같은 대체 자산으로 본다고 말한다. 지정학적 위험이 커지면 가격이 오를 것이라 보고, 비트코인 공급 한계를 근거로 든다. 또한 ETF가 금융시장 기술 혁신의 첫 단계이고 모든 금융자산의 토큰화가 다음 단계라고 주장한다. 그레이스케일 보유자들의 전환 수요와 수수료 차이를 언급하며 이더리움 ETF에 대해서는 가능성을 긍정하되 확답은 피한다.
다듬은 글
Ro it's first time we've had an opportunity to talk to you about it which is uh Bitcoin the Bitcoin ETF we're going to be talking uh to Gary gendler uh the chair of the SEC who who made that decision uh reluctantly maybe even begrudgingly uh which was announced uh just two days ago and we talked a lot about yesterday on the broadcast how big a deal is that for Black Rock and this was for you A big switch as well because you were a naysayer for a very very long time yeah probably switched for the first three years of thinking about I was a naysayer and about two years ago I I switched and I'm I'm I'm actually you know as I said in the last two years I'm a big believer are you a Believer personally meaning is the think family um a a buyer or or a buyer of this new well now I could do that I cannot you know I don't I don't want to compete with our clients so I don't buy single assets I'll buy mutual funds I'll buy single ETFs so I have an opportunity to do that now um but I'm a Believer in it because I do believe um it is an alternative source for wealth holding I don't believe it's ever going to be a currency I believe it's an asset class you don't believe it ever becomes a currency no I think we're going to create digital currencies we're going to use the technology for it we're going to use the blockchain um how important is that though to then the long-term value proposition of Bitcoin of Bitcoin if if it's not something that ultimately becomes a currency if it's if it's if it's simply we call it digital gold it's an asset of some sort what does that mean it means in terms of price I believe you know I believe it goes up as if the world is more frightened if people have fearful of geopolitical risk they're fearful of their own risk um it's no different than what gold rep represented over thousands of years it is a it is a it is a asset class that that protects you and and unlike gold where we manufacture new gold we're almost at the ceiling of the most of the amount of bitco be hear somebody like I mean when you hear somebody like Kathy Wood yes who was on our broadcast yesterday say that her base case base case is that this turns into a $600,000 of Bitcoin valuation base case and a a you know million plus um in a in a super optimistic case are you anywhere in her realm I haven't thought about it to me that what we are trying to do is offer an instrument uh that can U that can store wealth I think if it gets that even close to that high gold will represent even a bigger value and and and and let's be clear if you think it's digital gold there's going to be a reference point between gold and Bitcoin um but let me get back to what what happened yet yesterday um you know a part of our announcement that you mentioned in the opening that we we we changed the architecture of our firm right and much of it has to do with how we think about I shares and ETFs um when we bought bgi very few people believed in that acquisition and we we were pretty mistreated for a couple years and that because we said uh active and passive can coexist uh obviously we were right on that two we said the fixed in Market will be transformed through ETFs that has now happened yesterday we had the first day of Bitcoin ETFs and our reorganization is is taking that ethos of what has happened over the last 10 years we believe ETS is a technology that's going to transform every asset class we believe everything will be done through ETFs and uh and so we believe this is just the beginning and we needed to embed ETFs across the entire what does that mean if you're Rick reer who we've had in Le Rick is now doing more uh ETF in his Active Space now there's a great example of of how we are taking what a a very active investor and now and putting that into an ETF platform let me be clear I think ETFs are step one in the technological revolution in the financial markets step step two is going to be the tokenization of every financial asset and to me this is where we believe it's going so we're looking at uh Bitcoin we're looking at ETFs in the same manner these are technological changes that can allow us to move forward what did you see Yesterday by the way in terms of inflows as it relates to bitcoin we were very happy with the flows it appears that we received about 40% of the flows yesterday I mean one day doesn't make it are these new customers are these people who um are coming out of other funds I mean grayscale is the biggest player in the space right now are you trying to take you know take share from them in terms of take taking those clients over or you're trying to create a new class of customer primarily we're trying to create um an opportunity for new customers can invest in in in this financial instrument um over the long run do we believe just think about the fee differential between an ETF and some of these trusts right these trusts are like 120 basis points very expensive we were talking with the head of gray scale yesterday still an expensive product and these are 20 to 30 basis points in the ETF rapper well it's expensive by the way for if you're a grale customer to sell your shares well it's very yes and this is the big issue with the SEC and this is something you may want to ask Gary the industry asked to transfer inine into a ETF and that was denied by the SEC that's a fine meaning let's just put a fine point of that the indust meaning companies like yours ask the SEC to allow folks who met have owned shares via a grayscale to able to transfer lows in kind to a black rock or Fidelity or whomever and so that there would be no tax ramifications that was not denied they wanted to really just create from scratch cash only which we all respect the sec's U reasoning um that creates an opportunity actually for for grayscale to keep those customers for a much longer time it does but I think over the long run when you start adding up the fees and add up the fees uh people are going to start thinking about um redeeming and then ultimately going into an ETF longer term do you now expect other cryptocurrency ETFs meaning do you think that Gary and we'll talk to him later Gary will have to approve an ethereum ETF and is that a function of something the SEC has to do or do you think that all these things have to go to court first I couldn't respond to that I I I see value in having an ethereum ETF as I said these are just Stepping Stones towards tokenization and I I really do believe this is where we're going to be going we have the technology to tokenize today if you want to talk about think about this if you had a tokenized security and you have a tokenized identity you Andrew the moment you buy or sell an instrument it's known it's on a general ledger that is all created together um it want to talk about issues around money laundry and all that this eliminates all corruption by having a tokenized system Jamie Diamond disagrees with you on that but or at least to some degree for he
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