© Reuters.
Investing.com – The boss of BlackRock (NYSE:), the world’s largest fund manager, who recently filed for a spot Bitcoin ETF that has the cryptocurrency world excited, on Wednesday called BTC “an active international” and said his company wants to use its clout to make investing in cryptocurrency cheaper and easier.
“Bitcoin transaction costs are very high right now,” Fink said in an interview with Fox Business.
Commenting on recent Bitcoin ETF filings submitted to the SEC, Fink said, “We hope our regulators will consider these filings as a way to democratize cryptocurrency.”
He further explained that the can represent an alternative international asset, comparable to the “digitization of”.
“What we’re trying to do with cryptocurrencies is democratize them by making them much cheaper for investors,” Fink said.
“The bid-ask spread for cryptocurrencies is very high. It erodes a lot of the returns….because it costs a lot of money right now to trade bitcoin and it costs a lot of money to get out of it,” he added.
But, he says, a spot Bitcoin ETF could fix the problem, and more than potentially do what traditional ETFs have done for the mutual fund industry.
“ETFs have been a big revolution for the mutual fund industry and they are taking over this industry. We believe that if we can create more tokenization of assets and securities, and that is what bitcoin is, it could revolutionize finance again,” he said.