BlackRock CEO says crypto rally represents a “flight to quality” not rumors

Larry Fink once again passed crypto-supportive comments and indirectly slammed all those people who criticize cryptocurrencies.

Larry Fink is CEO of BlackRock, a top-ranked asset manager firm. In the past, Lary passed several negative statements against Bitcoin & cryptocurrencies but in July of this year, he became a Bitcoin proponent. In June of this year, BlackRock filed for a Bitcoin spot ETF application with the United States Securities and Exchange Commission (SEC) and so far waiting to secure regulatory approval.

Recently in an interview, BlackRock CEO Larry Fink said that the surging adoption of cryptocurrencies & inflow of funds in this innovative sector is taking place because of the economic factor & potential ability of blockchain technology. 

Larry indirectly slammed all those people who criticize cryptocurrencies as a speculation asset. 

“This rally is way beyond rumor. The rally today is about a flight to quality with all these issues around the Israeli war,“ BlackRock CEO said. “More people are running to flight to quality whether that’s on Treasuries, gold, or crypto.

It is worth it to note that the BlackRock CEO dragged attention toward the growth of this innovative sector parallel to the traditional financial sector. In short, he indirectly tried to explain that the Crypto market is going to surge just like the traditional market so far surged & continuously surging.

BlackRock Bitcoin spot ETF approval

The BlackRock team is eagerly waiting to launch its Bitcoin spot ETF product “iShares Bitcoin spot ETF” but it is still uncertain whether the US SEC will give a green signal or not. 

Recently the BlackRock ETF team introduced some changes in the application, hinting at a better level of engagement between the SEC & Bitcoin product applicants. 

On 16 Oct 2023, Cointelegraph media reported via X (formerly Twitter) that the SEC body approved BlackRock’s Bitcoin spot ETF application. 

Today the Cointelegraph media explained the whole incident and said that it was a mistake by the news reporting team. Through a dedicated article, the Cointelegraph team explained that the information published via X account was copied from a Telegram account but that the Telegram account had been deleted by the main owner. 

Read also: Bitcoin pumps 10% within 10 minutes following a “fake news”