Larry Fink, the CEO of the World’s largest asset manager BlackRock said he has seen a constant decline in inquiries regarding Bitcoin over the past couple of weeks. Fink said the firm is seeing very little investor demand for the top cryptocurrency. He went onto add that Bitcoin doesn’t fit in investor’s long-term or retirement plans. Fink said,
“In my last two weeks of business travel, not one question has been asked about that. That is just not part of the focus of retirement and long-term investors. We see very little in terms of investor demand,”
"In my last two weeks of business travel, not one question has been asked about that. That is just not part of the focus of retirement and long-term investors. We see very little in terms of investor demand," says $BLK's Larry Fink on #bitcoin #btc #crypto. pic.twitter.com/pXMe20fufo
— Squawk Box (@SquawkCNBC) July 14, 2021
The world’s largest asset manager with over $9 trillion in assets under management had advocated for Bitcoin citing growing demand among clients. The asset manager had also invested in one of the biggest Bitcoin holding Fortune 500 company Microstrategy.
Fink’s come at a time when BTC price has slumped more than 50% from its ATH and it continues to move sideways, leading to an apparent decline in investor interest. However, even when BlackRock claims the investor demand has declined, many financial giants and institutions continue to gain Bitcoin and crypto exposure.
What Changed BlackRock’s Stance on Bitcoin?
BlackRock until last month had called Bitcoin durable and had revealed plans of dabbling in Bitcoin until the May crash wiped out half of its gains. The top cryptocurrency has failed to break past $40k since then and continues to trade sideways. BTC has spent the majority of its past two months under $35K as it failed to solidify its position above it despite a couple of breakouts.
The market demand has taken a dip as investors are more curious after the recent sell-off. Despite the rise in price volatility and decline in market liquidity, analysts predict that the top cryptocurrency hasn’t entered a bear market yet.
BTC was trading at $32,540 trying to reclaim the on-chain support of $33k.