BlackRock COO: "Crypto Assets Still in Early Stages…Opportunities Are Just Beginning"

Global asset management firm BlackRock diagnosed that the crypto asset (cryptocurrency) market is still in its early stages, predicting that structural innovations and opportunities will open up in the long run.

According to crypto-specialized media Blockworks on the 13th (local time), Rob Goldstein, BlackRock's Chief Operating Officer (COO), remarked as such at the 'State of Crypto' summit hosted by Coinbase the previous day.

Goldstein said, "We have been studying cryptocurrencies since 2017," and added that "in particular, we judged that stablecoins have tremendous utility." He further stated, "The underlying assets of stablecoins should not be things like money market funds, but rather should be managed within money market funds."

He also mentioned BlackRock's spot Bitcoin ETF 'IBIT.' Goldstein explained, "IBIT is a 'bridge strategy' product designed to allow access to Bitcoin without buying it directly." He added, "Among the top 25 ETFs in the world, there is only one ETF younger than IBIT, and although IBIT has only been around for 18 months, it has already achieved meaningful results."

He continued, "The current financial system is slow, costly, and lacks scalability due to legacy structures that have accumulated over decades," emphasizing, "The entire fund industry is naturally reaching a point of innovation through technology and tokenization." He concluded, "This is just the beginning, and tremendous opportunities remain."