BlackRock’s Larry Fink Talks About The New Technological Revolution, Addresses Bitcoin ETFs

BlackRock’s Larry Fink Talks About The New Technological Revolution, Addresses Bitcoin ETFs

Recently, it was reported that the U.S. Securities and Exchange Commission (SEC) has approved all Spot Bitcoin ETF applications, which is a significant milestone in the world of finance. With this decision, Bitcoin exchange-traded funds can now be traded on the markets for the first time.

In response to previous court orders regarding the SEC’s decision on the Spot Bitcoin ETF applications, SEC Chair Gary Gensler issued a statement. In the statement, Gensler emphasizes that the SEC has “reluctantly” approved these applications but recognizes the significance of this move in the financial industry.

“Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares,” Gensler says.

Now, to explain what spot BTC ETFs are. According to official data, “A spot Bitcoin ETF is an exchange-traded fund — a highly liquid fund that changes price throughout the trading day, just like a stock — that directly tracks the price of Bitcoin, primarily by holding a large amount of the cryptocurrency itself.”

BlackRock talks about Bitcoin ETFs, technological revolution

According to CNBC, after a long battle between the crypto industry and the U.S. Securities and Exchange Commission, Bitcoin exchange-traded funds (ETFs) have finally arrived. Larry Fink, the CEO of BlackRock, the world’s largest asset manager, believes this is just the first step towards a new financial world.

ETFs were introduced as a way to provide investors with exposure to a young and risky asset class. However, Fink believes that the value of blockchain technology goes beyond Bitcoin and that these new ETFs are only the beginning of a broader tokenization of other assets. Fink made these comments during his appearance on CNBC’s “Squawk Box” on Friday.

“ETFs are step one in the technological revolution in the financial markets,” he said. “Step two is going to be the tokenization of every financial asset.”

In June, BlackRock filed an application for a Bitcoin ETF, creating optimism that such a fund could become a reality.

This event sparked a renewed interest in the tokenization of real-world assets like gold, which many financial institutions claimed would enable them to provide clients with more information and data about their investments.

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