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because I'm a big believer 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 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 Bitcoin that'd be created I see value in having it ethereum ETF wait a minute everyone get ready for the ultimate crypto investing website the Bitcoin Celler it's your golden ticket to an exclusive insiders Club expert predictions onchain data and breaking news all for you imagine all crypto insights Landing in your inbox daily like having your own expert team don't miss this VIP opportunity click the link and secure your spot join now and ride the crypto roller coaster with the Bitcoin seller Larry thinkink the CEO of Black Rock the world's largest asset manager he has some interesting insights on why he is bullish on bitcoin and ethereum and how they compare to gold as a store of value he also shares his thoughts on the future of crypto eavs and how they can benefit investors you don't want to miss this exclusive interview with one of the most influential figures in the financial industry so without further Ado let's get started with our conversation with Larry fank when we bought bgi in 2009 we were ridiculed by most of the financial Community saying you cannot marry the culture of an active investor that what who we were and a and a passive culture and we said why our clients use both products our job is to be agnostic to our clients to work with our clients and to provide a whole portfolio solution but over time more and more clients started to think about how do I want to get exposure do I want an exposure in this area or this product and I can do that through actively investing in ETFs in 2012 we said ETFs are going to be the new engine for fixed inome and boy did that get a lot of ridicule by many people in the business community and today the fixed income markets are totally uh imbued by ETFs and so at Black Rock when we bought bgi we had $290 billion of ETF today we have 3.5 trillion um is and and then this week alone just yesterday we launched the ishares Bitcoin ETF and so I would say to you if we could ETF a Bitcoin imagine what we could do with all financial instruments and so what we announced in our architectural change iers was this uh was this business division in itself and we thought that's too in in you know too exclusive we needed to include the ethos the philos op y the spirituality of what I shares can provide in everything we do at Black Rock because we believe we're we're just halfway there in the ETF Revolution that everything is going to be ETF and we needed to ensure both active products passive products um digital products are going to be used through the vehicle of ETFs at the same time in this architectural change we're elevating the whole concept that we going to be curating more and more of our performance-based products too so it's a it's a very large architectural change a lot of people have asked me iar is the most successful division within Black Rock look what it did why are you doing this now and we believe it's so important to be anticipating the next move I would also say on on the beginnings of um of a ETF Bitcoin We Believe ETFs are a technology no different than Bitcoin was a technology for for asset storage We Believe The Next Step going forward will be the tokenization of financial assets and that means every stock every Bond will have its own basically qip it'll be on one general ledger every investor you and I will have our own number our own identification we can rid ourselves of all issues around illicit activities about bonds and stocks and digital by having a a a a a tokenization but the most importantly thing we can customize strategies through tokenization that is if it's every individual we would have instantaneous settlement think about all the costs of settling bonds and stocks but if you had a tokenization everything would be immediate because it's just a line item and so we believe this is a technological transformation for financial assets I believe you want to talk about voting and voting choice and all the things if if we know every moment who is the owner of that stock and it's now time to vote every individual who has ownership is identified and they can vote their own shares it's just it's a wrapper it's not the end of it but I would say the dominant form of bring products going forward will be in the form of of ETFs Larry fin talks about how we made black rock the top ETF company ETS are funds that you can trade like stocks they are cheap diverse and flexible they could be active or passive depending on how you pick them Larry fin says that he bought another ETF company in 2009 and many people doubted him they thought he could not mix active and passive investing but he did and his clients liked it he also saw that ETFs would change the bond market and he was right he grew his ETF business from $290 billion to $3.5 trillion he also says that black rock just launched the first Bitcoin ATF which follows the the price of Bitcoin he says that if they can make an ETF for Bitcoin they can make one for anything he says that they are changing their structure to make eaps more Central to Black Rock he says that ETS are the future of investing he also says that ETS are not just a product but a technology he says that they are like Bitcoin which is also a technology for storing value he says that the next step is to make every stock in bond digital and to record them on a sheared ledger he says that this will make investing better safer and faster he says that this will also let investors customize their strategies and vote on corporate issues he says that ETFs are the best way to do this that's what Larry fin says about ETFs and how they are transforming Finance he is very optimistic and Visionary about ETS and he wants to share his ideas with us stay tuned for the next part where we will go deeper into some of the topics that he mentioned for the first three years of thinking about I was a naysayer and about two years ago I I Swit SED and I'm I'm I'm actually you know as I said in the last two years I'm a big believer 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 I think we're in a cre digital currencies we're going to use the technology for it we're going to use the blockchain 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 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 almost at the ceiling of the most of the amount of Bitcoin that'd be created what we are trying to do is offer an instrument uh that can uh that can store wealth I think if he 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 right what what happened yesterday um you know a part of our announcement that you mentioned the 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 and because we said uh active and passive can coexist uh obviously we were right on that too we said the fixed income Market will be transformed through ETFs that has now happened yeser 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 the technology that's going to transform every asset class we believe everything will be done through ETFs uh and so we believe this is just the beginning Rick is now doing more ETFs in his Active Space now there's a great example of of how we are taking what a 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 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 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 be just think about the fee differential between an ETF and some of these trusts right these trusts are like 120 basis points and these are 20 to 30 basis points in the ETF wrapper and this is the big issue with the SEC this is something what you may want to ask Gary the industry asked to transfer income into a ETF and that was denied by the SEC that's a fine so that there would be no tax ramifications that was denied they wanted to really just create from scratch cash only which we all respect the sec's uh reasoning start adding up the fees and adding up the fees uh people are going to start thinking about um redeeming and then ultimately going into an ETF I see value in having an ethereum ETF as I said these are just start 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 token system Larry think tells us how he became a fan of Bitcoin and other cryptocurrencies he invests in funds and ETFs that follow them he thinks Bitcoin is like gold but better he also changed his firm Black Rock to focus on ETS he launched the first Bitcoin ETF in the US and wants to launch more for other assets like ethereum he thinks ETFs are the first step to make all assets digital and secure he calls this tokenization he thinks tokenization will improve investing in voting he wants to create opportunities for new customers to invest in these Technologies he knows There are rules and fees to follow but he hopes for more freedom and Innovation he likes ethereum ETF and thinks tokenization is the goal he has the technology to do it now and wants to talk about the benefits if you've been with us so far a big thank you don't forget to subscribe for free to bitcoin Zella for your daily news the link is waiting below that's all for today's crypto news stick around for more updates insights and Analysis on cryptocurrencies share your thoughts in the comments like this video And subscribe for more exciting content
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