CEO of BlackRock asset management firm Laurence D. Fink said the Bitcoin (BTC) cryptocurrency has made the US dollar no longer relevant even though the coin has not yet been used in the world market.
The statement was in response to a question about digital currency during The 2020 Stephen C. Freidheim Symposium on Global Economics on 1 December.
He further explained that digital currency has had a huge impact on the US dollar and this matter was also agreed by former Bank of England governor Mark Carney who was also present.
Just looking at the interest of the people who are beginning to switch to the crypto market, clearly shows that it is not impossible that the US dollar is losing its position as the main currency.
However, BTC assets need to be structured more transparently and become a component in worldwide administrative policies.
Earlier in November, BlackRock Chief Investment Officer Rick Rieder expressed his notion of BTC having high potential to replace gold due to the wider functionality of Bitcoin.
At the end of 2019, BlackRock recorded total management assets worth $ 7.4 trillion.
At the time of writing, Bitcoin is trading at $ 18,981 down 0.89% in 24 hours. The price of such assets jumped 37% in a month and 154% throughout the year.
