Asset Manager’s $10 Trillion CEO Predicts Most Crypto Firms Will Fail

Alex Dovbnya

BlackRock CEO Larry Fink Predicted Majority of Existing Cryptocurrency Firms Will Fail

Larry Fink, CEO of BlackRock predicted that the majority of cryptocurrency companies will fail during his recent appearance at the New York Times DealBook Summit.

Fink also revealed that the world’s largest asset manager invested $24 million in the struggling FTX exchange. BlackRock marked this sum at zero after the exchange collapsed.

Asked about the FTX debacle, Fink declined to speculate on whether or not BlackRock was misled by the crypto exchange’s failure. “Could we have been misled? Until we have more facts, I won’t speculate,” he said.

Speaking about the state of the economy, Fink predicted that inflation would decline, but interest rates would remain high.

In 2020, Fink said Bitcoin could evolve into a global market after criticizing cryptocurrency in the past.

Earlier this year, Salim Ramji, global head of ETFs and index investing at investment titan BlackRock, said the company was bullish on blockchain because the technology has the potential to make financial markets more efficient.

In August, BlackRock in partnership with Coinbase’s brokerage arm to bolster its crypto offering.

The world’s largest asset manager also participated in a $400 million funding round from cryptocurrency firm Circle.

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