BlackRock will refrain from launching bitcoin ETF to "legitimize" the industry

The world's largest investment firm, BlackRock, will not offer its clients an exchange-traded cryptocurrency Fund (ETF) until it sees the industry is Mature enough. Such a statement on Thursday, November 1, made CEO Larry Fink at the New York Times Dealbook Conference, writes CNBC.

When asked if BlackRock is considering launching a bitcoin ETF, Larry Fink replied:

"I'm not going to say never. When it [the industry] becomes legitimate, Yes."

As you know, the us exchange and securities Commission (SEC) still has doubts about bitcoin-ETF, and has not made a positive decision on any of the many applications. Among its concerns, the Commission calls insufficient protection of investors and the possibility of market manipulation.

"The support of the government is absolutely necessary. But no government will allow it until it knows that this money is not used to evade taxes and other similar things," said Larry Fink.

Many people mistakenly call bitcoin anonymous, and the head of BlackRock was also among them, calling this property attributed to the cryptocurrency one of the risk factors.

"We can start trading for the currency, which is a means of preserving values, in one day. But at the moment the world does not need a means of preserving values, unless you keep these values in order to do what is impossible," he added.

At the same time, Larry Fink once again said that BlackRock believes in the potential of blockchain technology, which can be used in a number of products, which are currently still managed by paper documents. As an example, he cited the mortgage loans and other mortgage loans.

Recall that in July, Larry Fink said that BlackRock customers are not interested in investing in cryptocurrencies, because they are not interested in them as an asset class. This, however, did not prevent the company, which manages assets of $6.4 trillion, to create a team of experts, which was tasked to analyze information about cryptocurrencies and blockchain, and then find out whether the company should invest in bitcoin futures.