Even though institutional money is pouring into the crypto market, it cannot be said that everyone in the mainstream financial market believes in its value. The CEO of multi-trillion dollar asset management firm BlackRock recently said he agrees with JPMorgan CEO Jamie Dimon’s view that Bitcoin is worthless.
In a maintenance with CNBC on Oct. 13, Larry Fink said he likely agreed with JP Morgan Chase CEO Jamie Dimon that Bitcoin was “worthless.” However, he saw value in the idea of a digital currency and a blockchain.
When asked if he had changed his stance on the best cryptocurrency, he added that he was “probably on Jamie Dimon’s side.” Standing firm on his ambiguous views on Bitcoin, the president said he could not predict where the digital asset was going to reach in terms of pricing because he was “not a student of Bitcoin and where he is going. go”.
That said, Fink has expressed support for increasing investment in the crypto industry,
“But I think there is a huge role for a digital currency, and I think it will help consumers around the world. Whether it’s a Bitcoin or something else or more of an official government digital currency, a digital dollar, it will play out. “
These comments came after Jamie Dimon reiterated his opposing stance on Bitcoin and its lack of value while expressing disbelief at its limited supply. Dimon was then criticized on Twitter for his comments, with many pointing to his lack of understanding of the best cryptocurrency.
Jamie Dimon walks into a bar and orders a drink.
The bartender says, “Will you pay in dollars or bitcoin?” “
“Dollars. Do you want to know my opinion on Bitcoin? “
“Of course,” he said.
“It’s not worth anything,” Jamie said.
“I know,” the bartender replies, “But let’s listen anyway.”
– ⚡️Brekkie von #BitcoinIsForEveryone (@BVBTC) October 11, 2021
Fink, on the other hand, appeared to marvel at the enthusiasm of the cryptocurrency community and the excitement within the industry. He noted that he had “more conversations with people on the streets about crypto than anything else.” He further added that,
“It’s fantastic to see how people have become so fascinated that they care about it, if it’s going to be okay, in the long run we’ll see.”
The BlackRock CEO sees “huge opportunities” in digital assets and blockchain-based currencies, and believes this is where the market is heading, albeit with both losers and winners.
In a similar interview with CNBC Squawk Box today, Starwood Capital Group CEO Barry Sternlicht said he instead thought gold was “a bit worthless”, which is why he instead invested in Bitcoin and Ethereum.
The billionaire, however, added that Bitcoin itself had no other purpose than to be a store of value, which is due to its limited supply. The CEO also alluded to Jamie Dimon, revealing that he disagreed with him.
“Gold is a bit worthless,” says Barry Sternlicht. “The reason I own #bitcoin This is because the US government and all governments in the Western Hemisphere print money until the end of time and it is a finite amount of something and it can be traded globally. ” pic.twitter.com/72zYQTjF0y
– Squawk Box (@SquawkCNBC) October 13, 2021