BlackRock CEO doubts Bitcoin will ever become a currency

BlackRock CEO Larry Fink doubts the practicality of using Bitcoin ( BTC ) for everyday transactions, reiterating it should be publicly perceived as purely an asset class.

During an interview with CNBC on January 11, Fink stated his belief in Bitcoin, viewing it as an alternative form of wealth storage rather than a contender to replace national currencies.

“I don't believe it's ever going to be a currency. I believe it's an asset class.”

However, he does believe that Central Bank Digital Currencies (CBDCs) will come to fruition in the near future. 

“I think we're going to create digital currencies, we're going to use technology for it. We're going to use a blockchain,” he stated.

According to recent data from Cointelegraph, over 100 countries are exploring the topic of CBDCs , while there are 39 countries that have either a pilot, proof-of-concept, or launched CBDC initiatives.

Related: BlackRock SEC approval record at 576-1 post-BTC ETF nod — Is Ether ETF next?

Yet, when questioned about his stance on ARK Invest CEO Cathie Wood's mosrecent Bitcoin valuation predictions between $600,000 and $1 million, Fink indicated price wasn’t his primary concern right now.

"I haven't even thought about it," Fink stated, explaining that it hasn’t been a top priority for him, as he is mainly focusing on offering "an instrument that can store wealth.”

“I think if it gets even close to that high, gold will represent even a bigger value. And let's be clear, if you think it's digital gold, there's going to be a reference point between gold and Bitcoin.”

This follows news that the United States Securities and Exchange Commission (SEC) approved BlackRock’s spot Bitcoin exchange-traded fund (ETF) application, among ten other applications, to start trading in the U.S.

Furthermore, on January 11, Cointelegraph reported that BlackRock had a record of 575 approvals to one ETF rejection in its history, and now with spot Bitcoin ETF approval, its 576-1.

Magazine: Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame