Larry Fink sees huge potential in blockchain, the underpinning technology of digital currencies like bitcoin, but he's not on board with the cryptocurrency wave currently sweeping Wall Street.
In a recent interview with Bloomberg, Fink said he thinks the explosive growth of bitcoin, which is up over 350% this year, points to nefarious behavior.
"It just identifies how much money laundering there is being done in the world," Fink said. "How much people are trying to move currencies from one place to another."
When asked if BlackRock was close to hopping on the crypto-bandwagon or was exploring products connected to bitcoin, Fink was clear.
"We are not hearing any demand from our clients," he said.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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