BlackRock Inc (NYSE:BLK) chairman Larry Fink said the world’s largest fund manager was starting to look at digital currencies and assets following the war in Ukraine.
The US group has US$10trn of assets under management, but relatively little in cryptos or other digital investments a situation that might change said Finkthat
In a letter to investors that pointed to the war in Ukraine, he said that the conflict, and sanctions, was accelerating the development of digital currencies.
If designed properly, a digital alternative might enhance international transactions and reduce corruption and money laundering, he added.
Russia’s invasion of Ukraine will also force countries to become self-sufficient, he added
“The Russian invasion of Ukraine has put an end to the globalisation we have experienced over the last three decades.”
Though Fink warned that companies onshoring or nearshoring “will inherently be inflationary.”