Crypto is 'digitizing gold' and bitcoin has the power to 'revolutionize' finance, BlackRock CEO says

• Crypto is like "digitizing gold" and bitcoin has the power to "revolutionize" finance, according to BlackRock's Larry Fink.
• "I do believe the role of crypto is digitizing gold in many ways," he said in a Fox Business interview.

Crypto is akin to "digitizing gold" and bitcoin has the power to "revolutionize" finance, according to BlackRock CEO Larry Fink.

Fink's optimism toward crypto comes as the world's largest asset-management company sets its sights on a spot bitcoin ETF, and is currently seeking approval from US regulators.

Just days ago, the Securities and Exchange Commission told the CBOE and Nasdaq, which filed the bitcoin ETF applications for BlackRock and Fidelity, said that they weren't "sufficiently clear and comprehensive."

To that effect, Fink said he is willing to work with regulators.

"We work really closely with our regulators and we want to hear from our regulators – what are their issues and can we fix those issues around that," Fink said in a Fox Business interview on Wednesday.

"We do believe if we can create more tokenization of assets and securities, and that's what bitcoin is, it could revolutionize again, finance. We look at this as an opportunity to move one step further in terms of providing investors fractions of shares, fractions of this, democratizing the cost of investing," he added.

Fink admitted he was skeptical of crypto in the past, given its use for "illicit activities". But the pessimism has since given way to a more upbeat outlook. "I do believe the role of crypto is digitizing gold in many ways," he said.

While crypto enthusiasts tend to tout the advantages of bitcoin and digital assets in general, virtual currencies come with some inherent risks. That includes the asset class's extreme volatility - so far in 2023, bitcoin has rallied almost 90% after plunging 64% last year. It jumped almost 60% in 2021.

At last check on Thursday, the world's largest cryptocurrency was up 2.27% to trade at $31,481.75, according to CoinMarketCap.