Larry Fink, the CEO of BlackRock, has expressed support for the concept of an Ethereum (ETH) exchange-traded fund (ETF), just a day after the launch of the bitcoin (BTC) ETF. In an interview with CNBC, Fink stated, "I see value in having an Ethereum ETF," emphasizing that these developments are steps toward tokenization, which he believes is the future direction.
BlackRock's iShares Bitcoin Trust (IBIT) made its trading debut on Thursday, contributing significantly to the collective trading volume of ETFs, which reached $4.6 billion. IBIT alone accounted for around $1 billion of this total.
Looking ahead, BlackRock, a major asset management firm, appears to be considering the possibility of introducing a similar product for Ether, the native token of the Ethereum blockchain. Fink sees tokenization as a means to address issues related to money laundering and corruption.
While Fink acknowledges cryptocurrency as an asset class, he doesn't view bitcoin as a currency, he considers it "an asset class that protects you against geopolitical risks." Drawing a parallel with gold, Fink highlights that unlike gold, there is a finite amount of bitcoin that can be created, contributing to its scarcity and perceived value.