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- Blackrock CEO Larry Fink expresses an optimistic aspect of the Russia-Ukraine war and thinks that it has a potential impact on accelerating the growth of digital currencies.
- He confirmed that the largest asset manager is thinking about Digital currencies, stablecoins and underpinned technologies.
- He talked about the war and thinks the less-discussed aspect of the war is its potential impact on accelerating virtual currencies.
Larry Fink, the CEO of Blackrock, recently expressed his views in his 2022 letter to shareholders, which had a section for digital currencies.
According to Fink, Russia’s invasion of Ukraine has brought an end to globalisation the people have experienced across the past three decades. He discussed a lot about the impact of the ongoing war and highlighted that a less-discussed aspect of the war is its potential impact on accelerating virtual currencies.
How is the war facilitating Digital Currencies?
He further signified that this war would make the countries rethink and reevaluate their currency dependencies.
Following the war between Russia and Ukraine, various prominent investors had expressed their views regarding the US Dollar that the situation might risk its role as a reserve currency.
According to the significant investor Jim Rogers, the co-founder of the Quantum Fund noted that what is happening with Russia and the sanctions is an end to the US Dollar. Whereas, investor Galaxy Digital CEO Mike Novogratz recently expressed that we are entering a world that is unknown where people are going to struggle to find out what is the reserve currency.
Blackrock is the largest asset manager globally. And its boss also got a say about Central Bank Digital Currencies (CBDC); he highlighted that even before the war, various governments were looking to play an active role in digital currencies and define the regulatory framework in which they function.
He specified digital currencies’ potential benefits, saying that a global digital payment system that is thoughtfully designed can enhance the settlements of international transactions and reduce the risk of money laundering and corruption. And that they can also reduce the cost of cross border transactions.
He highlighted his company’s thoughts on offering crypto products and services to the customers, as they are seeing increasing interest from their clients. Blackrock is studying digital currencies, stablecoins and other technologies to understand how they can facilitate them to serve their clients.
However, in July last year, the CEO said they are witnessing fewer demands for crypto assets from the customers, but he was pretty optimistic about them in April. He highlighted he is pretty fascinated by cryptocurrencies and believes they could become a great asset class. He further said that Bitcoin (BTC) makes the US Dollar less relevant and can emerge into a global market.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
