BlackRock CEO says crypto isn't part of clients' long-term strategies
July 14, 2021, 10:49AM EDT
1 min read
Cryptocurrencies aren't part of current retirement strategies, according to BlackRock CEO Larry Fink.
In an interview with CNBC this morning, Fink said the asset manager has seen very little demand for digital assets. Granted, Fink said, clients interested in crypto or other volatile assets like meme stocks may not be BlackRock's clientele. Most of those who work with the manager are thinking on a longer time horizon, and crypto has yet to fit into that thinking.
"The dialogue is about how I should navigate my portfolio and how should I think about my portfolio over the long horizon," he said.
Fink also said financial literacy is key to getting people to think over the long term. As it stands, much of today's retail focus is devoted to speculating on markets. That equity market focus could be a gateway to improved understanding for many who otherwise wouldn't think about strategic retirement planning.
"If we could improve financial literacy, if we could help more people focus on not just speculating of markets and the ups and downs but translating that into investing in the long run the issue of retirement may be less of a problem for the next generation who are now focused on the equities markets," he said.
BlackRock still only "dabbles" in bitcoin, as its CIO Rick Rieder said earlier this year. The asset manager bought bitcoin futures in January of this year, revealing it held 37 units of CME's March 2021 bitcoin futures.