CEO of World’s Largest Asset Manager Says Bitcoin Can Possibly ‘Evolve’ Into Global Asset

The president of the world's biggest asset manager got a very bullish outlook on the world's first cryptocurrency.

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According to CNBC’s report on Tuesday, BlackRock CEO Larry Fink said that bitcoin has captured many people’s interest and that the cryptocurrency industry is still relatively small compared to others. Speaking at the Council on Foreign Relations on Tuesday to former Bank of England Governor Mark Carney, Fink said the new asset class of cryptocurrency could potentially ‘evolve’ into a global market asset, CNBC said.

Fink also said that having a digital currency has a real effect on the U.S. dollar, according to the report, making it less important to international dollar-based asset holders on a worldwide scale. He also raised the question: “Does it change the need for the dollar as a reserve currency?”

Comments are also relatively rare endorsements by big traditional financial players, but they are accompanied by even more bullish opinions from billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones II, who devote a portion of their assets to Bitcoin. BlackRock is the world’s biggest asset manager with over $7.4 trillion in funds under administration, according to website managers.

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