Categories: Bitcoin

BlackRock’s CEO signals low demand for crypto from long-term long-term investors

BlackRock, an institutional asset manager with indirect exposure to Bitcoin (BTC), has seen a massive drop in investor demand for the cryptocurrency.

CEO of Larry Fink to explain Wednesday in CNBC’s Squawk Box that BlackRock has noticed fewer crypto-related inquiries from investors lately, indicating a sharp drop in crypto demand.

Noting that long-term and retirement investors seem less interested in cryptocurrencies right now, Fink stated:

“You asked me again about crypto and bitcoin. And in my last two weeks on a business trip, not a single question was asked about it. That’s not just part of the focus for retirees and long-term investors. We see very little in terms of investor demand. “

Fink’s comments come amid ongoing sideways trading in the crypto market, with Bitcoin down more than 16% in the past 30 days. At the time of writing, Bitcoin is trading at $ 32,572, up about 0.3% over the past 24 hours. The most valuable cryptocurrency has lost nearly half of its price since BTC broke its all-time high in mid-April and rebounded over $ 64,000.

Bitcoin price last year. Source: CoinGecko

BlackRock is known for its Bitcoin-friendly stance, as the company is indirectly invested in Bitcoin through its stake in business intelligence firm MicroStrategy. The company initially invested $ 425 million in BTC in 2020 and then bought more bitcoins.

Connected: Honest to hire more crypto hands given the growing interest from institutions

The CEO of BlackRock has also previously made positive comments about Bitcoin. Last December, Fink stated that Bitcoin has the potential to grow into a global market, although it has yet to be tested extensively.

Despite statements from the BlackRock CEO about a decline in Bitcoin demand from long-term investors, institutional interest in the cryptocurrency appears to continue to grow. Last week, Bank of America, the second largest bank in the United States, reportedly launched a crypto research group in response to growing institutional interest in digital assets.

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Coincu

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