According to a report by CNBC, Larry Fink, the CEO of BlackRock, the world’s largest asset management company, believes that Bitcoin ETF is just the first step towards a new financial world.
Fink stated on CNBC’s “Squawk Box” program on Friday that Bitcoin spot ETFs are considered a way for investors to access young and risky asset categories, but the value provided by blockchain technology goes beyond Bitcoin, and the newly launched ETF is just a prelude to the tokenization of other assets.
Some see Bitcoin as the beginning of a larger scale integration of cryptocurrencies into the traditional financial system. After the approval of the Bitcoin spot ETF, investors are now looking forward to the first deadline set by the U.S. Securities and Exchange Commission (SEC) for the approval or rejection of Ether spot ETF, currently scheduled for May.
However, Fink seems more focused on the deployment of blockchain technology to upgrade existing systems. He said: