In an interview with Fox Business, BlackRock CEO Larry Fink said he wanted to work with the regulators on approving the company's application for a spot Bitcoin ETF. Speaking of Bitcoin, Fink said he saw it as a digital gold that could revolutionize the financial system.
Last Friday, the U.S. Securities and Exchange Commission (SEC) returned the recent spot Bitcoin ETF applications, including BlackRock's, because they were not "sufficiently clear or comprehensive". Nasdaq then refiled BlackRock's spot Bitcoin ETF application. Fink said, "we have a good track record working with our regulators and trying to make sure we're thinking about all the issues around any filing. We work really closely with our regulators, and we want to hear from the regulators."
"What we're trying to do with crypto is make it more democratized and make it much cheaper for investors,. Right now, the bid ask spread for crypto is very expensive. It does erode a lot of the returns. We hope our regulators look at these filings as a way to democratize crypto." He added.
Fink used to be a skeptic of crypto, but his views have changed. "We do believe that if we can create more tokenization of assets and securities – that's what Bitcoin is – it could revolutionize finance."
He also compared Bitcoin to gold, "I do believe Bitcoin is digitalising gold, in many ways. Bitcoin is an international asset, it's not based on any one currency and so it can represent an asset that people can play as an alternative."
Related: Nasdaq Refiled for BlackRock's Spot Bitcoin ETF with Coinbase as Surveillance Partner
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