BlackRock CEO says long-term investor demand for cryptocurrencies is low

BlackRock, an institutional asset management company with indirect exposure to Bitcoin (Bitcoin), recording a sharp decline in investor demand for cryptocurrencies.

Larry Fink Announce At CNBC’s Squawk Box on Wednesday, BlackRock recently saw a decline in crypto-related inquiries from investors, indicating a sharp drop in the demand for crypto.

Fink pointed out that long-term and retired investors in particular now seem to be less interested in cryptocurrencies, noting:

“In the past, you asked me about encryption and Bitcoin again. In my last two weeks of business travel, no one asked this question. This is not a part of retirement and long-term investor attention. We rarely see investment. Needs.”

Fink’s remarks came at a time when the cryptocurrency market continued to trade sideways. Bitcoin has fallen by more than 16% in the past 30 days. At the time of writing, Bitcoin is trading at $32,572, a slight increase of approximately 0.3% in the past 24 hours. Since BTC broke its all-time high in mid-April, the price of the most valuable cryptocurrency has fallen by nearly half. Soaring above $64,000.

Bitcoin prices in the past year. Source: CoinGecko

BlackRock is known for its friendly stance on Bitcoin because the company gained indirect exposure to Bitcoin through its ownership of the business intelligence company MicroStrategy.The company developed Initial investment of 425 million USD in BTC In 2020, then continue to buy more bitcoins.

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The CEO of BlackRock also made some positive comments on Bitcoin before.Last December, Fink claimed Bitcoin may evolve into a global marketAlthough it has not been extensively tested.

Although BlackRock’s CEO claims that long-term investor demand for Bitcoin has fallen, institutional interest in cryptocurrencies has clearly continued to grow.Last week, it was reported that Bank of America, the second largest bank in the United States, Set up an encryption research team Respond to Grow Institutions’ interest in digital assets.