In mid-June, the asset management giant filed paperwork with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund.

BlackRock (BLK) CEO Larry Fink stated that cryptocurrencies, specifically bitcoin (BTC), have the potential to revolutionize the financial system in an interview with Fox Business on Wednesday. “We firmly believe that increased tokenization of assets and securities – which is what bitcoin represents – could revolutionize finance,” he said.

Previously known to be skeptical of cryptocurrencies, Fink had suggested years ago that enthusiasts of this asset class primarily used it for “illicit activities.”
Fink further commented, “Instead of investing in gold as a hedge against inflation or the economic challenges of a specific country, or the devaluation of a country’s currency – let’s be clear, bitcoin is an international asset, not tied to any one currency, and can thus serve as an alternative asset for people.”

The iShares unit of BlackRock filed an application with the SEC on June 16 for a spot bitcoin exchange-traded fund.

While BlackRock has a nearly perfect track record of obtaining SEC approvals for ETFs, Fink could not provide an exact timeline for when a decision on the bitcoin ETF might be expected. “We hope that, as in the past, we can work with our regulators to obtain approval for the filing someday, but I have no idea when that someday will be. We’ll see how everything unfolds.“