Billionaire Laurence Fink (pictured), the CEO of BlackRock and a member of the board of directors of the Council on Foreign Relations (CFR), has suggested bitcoin can rival the dollar as a global reserve currency.
Speaking at a digital symposium event by CFR with Bank of England’s Mark Carney, Fink said and we quote at length:
“One of my important investors was on one of the television shows in the last few days, and he spoke about bitcoin and monetary policy and covid.
The hits on our website was 3,000 on covid, 3,000 hits on monetary policy and 600,000 hits on bitcoin.
So what that tells you is bitcoin has caught the attention and imagination of many people.
Many people are fascinated about it, many people are excited about it, but it’s still untested, it’s still a pretty small market relative to other markets… We see these giant movements everyday, it’s a thin market.
Can it evolve into a global market? Possibly. Certainly by the imagination of so many who want to learn about it or are interested about it, to me it’s a very telling sign.
We look at it as something as real, but it’s still untested, it still has many… we have to go through many markets to see if it is permanently real.
Last thing I want to say because we are running out of time, having a digital currency has real impact on US dollar. Because having a digital currency makes the need for the US dollar to be less relevant.
I’m not talking for Americans, I’m talking about international holders of dollar based assets.
The question I would raise: Does it change the need for the dollar as a reserve currency if there was a true digital currency that was seperated from dollar based assets and other things like that.
Many questions need to be answered before I can say whether is it real and alive, but it certainly has created a lot of imagination, a lot of interest, and it certainly has the potential to evolve into something real.”