‘This Is Just The Beginning’ —BlackRock CEO Reveals Massive Crypto Plan After ETF Sparks

BitcoinBTC, ethereum and other major cryptocurrencies have swung wildly this week after BlackRockBLK led a bitcoin invasion of Wall Street (triggering a series of mind-numbing price predictions).

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The bitcoin price, which some think could be about to challenge gold’s $13.7 trillion market capitalization, rocketed to almost $50,000 per bitcoin after the U.S. Securities and Exchange Commission (SEC) waved through almost a dozen bitcoin spot exchange-traded funds (ETFs)—alongside a serious price warning.

Now, the chief executive of BlackRock, the world’s largest asset manager that spearheaded the spot bitcoin ETF campaign, has revealed his plan for a bitcoin and crypto-based “technological revolution”—even as a stark Federal Reserve warning threatens the bitcoin price.

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flipped to bullish on bitcoin, ethereum and crypto last year.AFP via Getty Images

“We believe this is just the beginning. ETFs are step one in the technological revolution in the financial markets,” BlackRock’s legendary founder and CEO Larry Fink told CNBC. “Step two is going to be the tokenization of every financial asset.”

Bitcoin and crypto’s blockchain technology allows traditional assets to be “tokenized” on a public ledger, potentially making the transfer of anything from stocks, bonds, real estate and alternative investments like art, cheaper and easier.

“We have the technology to tokenize today,” Fink said. “If you had a tokenized security … the moment you buy or sell an instrument, it’s known it’s on a general ledger that is all created together. This eliminates all corruption, having a tokenized system.”

Last year, BlackRock, JPMorgan and other Wall Street giants quietly began laying the groundwork for the crypto revolution that Fink has described—something that could usher in “the next generation for markets.”

Fink also said he doesn’t consider bitcoin, ethereum and crypto as a new kind of currency but as an asset class more similar to gold that acts as a safe haven in times of strife and “protects” its holders from geopolitical volatility.

“I believe it goes up if the world is frightened, if the people have fearful geopolitical risks, they’re fearful of their own risks,” said Fink. “It’s no different than what gold represented over thousands of years. It is an asset class that protects you.”

In November, BlackRock filed with the SEC for an ethereum ETF, something that seems more plausible following the SEC’s approval of almost a dozen spot bitcoin ETFs this week.

“I see value in having an ethereum ETF,” Fink said. “These are just stepping stones towards tokenization and I really do believe this is where we’re going to be going.”

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last year, bounding back from its 2022 price crash, and helping the ethereum price and other major cryptocurrencies recover.Forbes Digital Assets

Fink’s comments, helping to prop up the bitcoin price and ethereum price following a sell-off on the approval of a raft of spot bitcoin ETFs this week as traders take profits after months of gains, have been welcomed by the bitcoin and crypto community.

“The latest initiative by BlackRock in ETFs is not just a development; it’s a testament to the maturation of the decentralized internet movement,” Mo Shaikh, the chief executive of the aptos cryptocurrency developer Aptos Labs, said in emailed comments.

“This aligns perfectly with historical trends, where mature capital markets have always been the bedrock of innovation. We’re not just witnessing the emergence of a new technology; we’re part of a significant shift in how the public engages with web3,” Shaikh said, referring to the idea blockchain and crypto will enable a new, decentralized version of the internet.

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This article was originally published by a www.forbes.com . Read the Original article here. .