Crypto and stocks under pressure because of American job market, Blackrock CEO positive on Bitcoin

The US job market appears to be much stronger than expected. With higher interest rates currently failing to put a dent in the number of jobs on offer in the US, stock markets fell sharply yesterday as investors fear further rate hikes.

Bitcoin and other major cryptocurrencies followed, even though Bitcoin still remained above $30K

Meanwhile eight companies are vying with each other to launch a spot Bitcoin ETF. Larry Fink, the CEO of the world’s largest trading fund Blackrock, was very positive about Bitcoin in an interview with Fox Business.

Fox Business

The race to get a spot on the list of Bitcoin ETF applicants in the United States is getting more and more exciting, with at least eight companies vying for SEC approval. They expect to hear back from the SEC in August and September, with final approval deadlines scheduled between December 2023 and March 2024.

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Larry Fink, CEO of Blackrock, said in an interview with Fox Business that:

Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.

As to the race to become the first company to get a Bitcoin ETF approved, Fink said:

We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out.

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