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BlackRock CEO Doubts Bitcoin Cannot Become a Currency

Key Takeaways
  • BlackRock CEO Larry Fink has recently given a statement, according to which he does not think that Bitcoin can become the preferred currency for everyday expenses.
  • Larry Fink continues to cast doubt on Bitcoin's use in daily transactions. Larry Fink believes the public should consider BTC as a full-fledged asset class.
  • The CEO of BlackRock also believes that Bitcoin can never become an alternative to the national currency, in such a situation it should be seen as an option for wealth storage rather than an alternative to the national currency.
13-Jan-2024 By: Gunjan Sahu
BlackRock CEO Doubts

BlackRock CEO Larry Fink is Not Sure on Bitcoin as Daily Use Currency

The cryptocurrency industry is very happy at the moment and is seeing the approval of spot Bitcoin ETF by SEC as a victory. The crypto community believes that after the approval of the spot Bitcoin ETF, the way will be opened for the legalisation of Bitcoin and in the coming time it will become an alternative to the national currency. But BlackRock CEO Larry Fink has doubts about this. Larry Fink says that he does not think that Bitcoin can become the currency of choice for everyday spending. 

Fink believes that BTC should be considered by the public as a full-fledged asset class and not as a substitute for a national currency for use in daily transactions. Giving the example of Gold, the CEO of BlackRock said that even if the price of Bitcoin increases in the future, the value of Gold will increase more than that. Here Fink wants to say that if Bitcoin is kept in the asset class then there is more possibility of rise in the prices of Bitcoin. Which is contrary to the opinions of other crypto investors and experts.

Coin Gabbar has already told you in his article that working on the Global Cryptocurrency Roadmap, all the cryptocurrencies in India have already been kept in the asset class. Also, 30% tax and 1% TDS is charged on crypto profits in India. In such a situation, the opinion of the CEO of BlackRock matches with the decision of the Government of India.

BlackRock's spot Bitcoin ETF approved after 575 applications

BlackRock, one of the world's largest firms, finally got spot Bitcoin ETF approval from the SEC. Let us tell you that BlackRock had previously applied to the SEC for spot Bitcoin ETF 575 times and every time the SEC was rejecting its application. But on January 10, when the SEC finally granted approval to all 11 spot Bitcoin ETFs, the application for BlackRock's spot Bitcoin ETF was also approved. In this way, BlackRock has created a different record for spot Bitcoin ETF and after achieving this feat, BlackRock's score has become 576-1.

Also Read : Worldcoin is Being Widely Adopted in India Even After its Departure

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