BlackRock Eyeing Blockchain and Crypto In Spite of CEO's Stance

The largest investment management firm in the world - BlackRock - has set up a working group to evaluate the investment potential of blockchain and cryptocurrency.

As of December 2017, the New York-based financial giant has $6.28 trillion of assets spread across equity, fixed income, cash management, alternative investment, real estate and advisory strategies.

Where BlackRock may be eyeing expansion into the emerging asset class, CEO Larry Fink told Reuters he fails to see "Huge demand for cryptocurrencies".

Where Fink may dispute the place of cryptocurrency in his company's portfolio, his cohort may leave him little say in the matter.

In a steadily institutionalizing landscape, a number of BlackRock's direct competitors have disclosed large investments into cryptocurrency - perhaps the most recent example being "Hedge Fund King" multi-billionaire Steven Cohen, as reported July 15, 2018, by CryptoSlate.

BlackRock manages over $6 Trillion and CEO Larry Fink says clients have ZERO interest in crypto.

If they keep that attitude, BlackRock won't be the largest asset manager in the world for long.

Fink's stance is not unique and appears to be echoed amongst the older generation of investment gurus.

In a vein similar to JP Morgan's CEO Jamie Dimon, or business magnate Warren Buffet, Fink once described Bitcoin as a "Very speculative instrument" used "For money laundering".

Given the cryptocurrency market's projected rate of growth, such comments may lose relevance - fast.