Even though institutional money is pouring into the crypto market, not everyone from the traditional finance market can be said to believe in its value. The CEO of multi-trillion-dollar asset management firm BlackRock recently expressed his that he was in agreement with JPMorgan CEO Jamie Dimon’s view that Bitcoin has no value.
In an interview with CNBC on October 13, Larry Fink said that he probably agreed with JP Morgan Chase’s CEO Jamie Dimon about Bitcoin being “worthless.” However, he did see value in the idea of a digitized currency and blockchain.
On being asked whether he had shifted his stance on the top cryptocurrency, he added that he was “probably in Jamie Dimon camp.” Remaining firm on his ambiguous views about Bitcoin, the Chairman stated he could not predict where the digital asset was going to reach in terms of price valuation, as he was “not a student of Bitcoin and where it’s going to go.”
That said, Fink did express his support for the rising investments in the crypto industry,
“But I do believe that there is a huge role for a digitized currency, and I believe that’s going to help consumers worldwide. Whether it’s a Bitcoin or something else or more of a governmental official digital currency, a digital dollar, that will play out.”
These comments came after Jamie Dimon had reiterated his opposing stance on Bitcoin and its lack of value while also expressing his disbelief in its limited supply. Dimon then was slammed on Twitter for his comments, with many pointing out his lack of understanding about the top cryptocurrency.
Jamie Dimon walks into a bar and orders a drink.
The bartender says, "Will you be paying in dollars or bitcoin?"
"Dollars. Do you want to hear my opinion of Bitcoin?"
“Sure,” he says.
“It’s worthless,” says Jamie.
“I know,” the bartender replies, “But let’s hear it anyway.”
— ⚡️Brekkie von #BitcoinIsForEveryone (@BVBTC) October 11, 2021
Fink, on the other hand, appeared to marvel by the enthusiasm of the cryptocurrency community and the excitement within the industry. He noted that he has “more conversations with people in the street on crypto than anything.” He further added that,
“It’s fantastic seeing how people have become so fascinated about it that they are showing interest in this, whether this is going to play out well, in the long run, we’ll see.”
The BlackRock CEO sees “huge opportunities” in digital assets and blockchain-based currencies, and believes that is where the market is headed, albeit with both losers and winners.
In a similar CNBC Squawk Box interview today, CEO of Starwood Capital Group, Barry Sternlicht said that he instead believes Gold to be “kind of worthless,” which is why he had invested in Bitcoin and Ethereum instead.
The billionaire however added that Bitcoin itself had no real purpose other than being a store of value, which is due to its finite supply. The CEO also alluded to Jamie Dimon, revealing that he disagrees with him.
"Gold is kind of worthless," says Barry Sternlicht. "The reason I own #bitcoin is because the U.S. government and every government in western hemisphere is printing money now to the end of time and this is a finite amount of something and it can be traded globally." pic.twitter.com/72zYQTjF0y
— Squawk Box (@SquawkCNBC) October 13, 2021