Bitcoin Is an Asset Class on Its Own; It Will Rise Regardless of the Next U.S. President

BlackRock’s Larry Fink emphasized that Bitcoin is a legitimate asset class that cannot be affected by U.S. politics.

Larry Fink, CEO of BlackRock, recently commented that neither the presidency of Donald Trump nor Kamala Harris would significantly influence crypto prices. According to Fink, the rise of digital assets like Bitcoin is inevitable on a global scale, independent of political leadership.

Fink expressed this perspective in recent discussions with institutional investors, highlighting the evolving perspective on digital assets. His remarks emphasize that the real factors behind the growing adoption of cryptocurrencies are transparency, liquidity, and improved analytics.

He noted that Bitcoin, now considered an asset class comparable to gold, represents a shift in how investors approach asset allocation.

Here’s full Larry Fink quote on bitcoin/digital assets from the Q3 earnings call, he says bitcoin asset class in itself, they talking with institutions worldwide about allocation, dig assets remind him of the early days of the mortgage market (now $11T) and POTUS won’t make dif pic.twitter.com/McvpW7cCnB

— Eric Balchunas (@EricBalchunas) October 14, 2024

Digital Currencies and Market Growth

Furthermore, the BlackRock CEO discussed the role of national digital currencies, highlighting that they are distinct from Bitcoin. While the creation of country-specific digital currencies, such as a digital dollar, is expected to rise, Fink believes that improved data analytics will dictate the future of these currencies.

The conversation about digitizing the dollar introduces new complexities for regulatory bodies, which will need to consider the role of central bank digital currencies (CBDCs) in the global economy. However, Fink stressed that these discussions are ongoing and require further exploration before any definitive steps are taken.

Notably, countries such as India and Brazil are experiencing significant success in developing their own digital currencies. 

According to him, blockchain will continue to play a crucial role in the future of digital currency development, particularly when paired with artificial intelligence (AI). Fink argued that AI’s integration with blockchain would significantly enhance data analytics, broadening the applicability and market reach of digital assets.

U.S. Leadership’s Impact on Crypto

Meanwhile, regarding whether U.S. leadership could impact the growth of crypto assets, other industry experts have offered differing opinions from BlackRock’s CEO.

Billionaire entrepreneur Mark Cuban suggested that if Kamala Harris were to become the next U.S. president, it would benefit crypto, as he believes she has positioned herself as more progressive in understanding the crypto market than former President Donald Trump.

Cuban claims that Harris has distanced herself from the current administration on crypto-related matters and contrasts her approach with Trump’s focus on promoting specific tokens.

Conversely, Cardano founder Charles Hoskinson expressed that if Trump, as a Republican presidential candidate, were to become president, he would provide more support for the U.S. crypto industry than Vice President Kamala Harris.

In a recent interview with CNBC during the TOKEN2049 conference in Singapore, Hoskinson noted that any candidate actively engaging in crypto conferences or launching decentralized finance (DeFi) projects would likely be more crypto-friendly than someone who appointed SEC Chair Gary Gensler.