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BlackRock, an institutional asset manager that has indirect exposure to Bitcoin (BTC), has seen a significant drop in investor demand for the cryptocurrency.
Company CEO Larry Fink declared On CNBC’s Squawk Box on Wednesday, BlackRock recently saw fewer crypto-related queries from investors, signaling a massive drop in demand for crypto.
Fink noted that specifically long-term and retired investors now appear to have less interest in crypto, saying:
“In the past, you have asked me about crypto and Bitcoin again. And in my last two weeks of business travel, no questions were asked about it. This is just not part of the goals of retirement and long-term investors. We are seeing very little in terms of investor demand.
Fink’s remarks come amid continued sideways trading in the cryptocurrency markets, with Bitcoin falling more than 16% in the past 30 days. At the time of writing, Bitcoin is trading at $ 32,572, up slightly by around 0.3% in the past 24 hours. The most popular cryptocurrency has lost almost half of its price since BTC hit an all-time high in mid-April, surpassing $ 64,000.
BlackRock is known for its friendly stance on Bitcoin as the company has gained indirect exposure to Bitcoin through its stake in business intelligence firm MicroStrategy. The company made an initial investment of $ 425 million in BTC in 2020 and then continued to buy more Bitcoin.
Related: Fidelity to hire more crypto hands in growing institutional interest
The CEO of BlackRock also delivered positive comments on Bitcoin. Last December, Fink claimed that Bitcoin has the potential to move into a global market although it is still largely untested.
Despite claims by the CEO of BlackRock about the alleged decline in demand for Bitcoin from long-term investors, institutional interest in crypto apparently continues to grow. Last week, Bank of America, the second largest bank in the United States, reportedly set up a crypto research team in response to institutions’ growing interest in digital assets.
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