Mark Wiedman of BlackRock (YouTube)
Larry Fink, the anti-bitcoin CEO of BlackRock (world’s largest asset manager controlling $6.29 trillion), promoted senior managing director Mark Wiedman to oversee all of the firm’s international operations. Like his boss, Wiedman is a vocal crypto critic.
The new role makes Wiedman an heir apparent to the top job at BlackRock, the world’s largest asset manager and ETF provider.
In his new position, Wiedman will develop a global corporate strategy for BlackRock, the Financial News reported. Wiedman is now one of six BlackRock board members who are in line to succeed Larry Fink should he step down.
For now, Fink, 66, has no plans to retire from BlackRock, which has $6.4 trillion in assets under management.
Larry Fink: Crypto Is Not Legitimate
As CCN reported, Fink is a bitcoin skeptic who believes cryptocurrencies are not a legitimate asset class.
Fink cited bitcoin’s erratic price swings, as well as the anonymous and unregulated nature of the market for his reluctance to launch a bitcoin ETF.
“I wouldn’t say never — when it’s legitimate, yes,” Fink said. “It will ultimately have to be backed by a government.”
I don’t sense that any government will allow that unless they have a sense of where that money’s going.
Similarly, Fink’s apprentice, Mark Wiedman, is also a crypto skeptic.
BlackRock Won’t Launch Bitcoin ETF Until Crypto Is ‘Legitimate,’ Says CEO Larry Fink https://t.co/OD1awOqxkN
— CCN.com (@CryptoCoinsNews) November 1, 2018
Wiedman: ‘I Wouldn’t Recommend Bitcoin’
Wiedman says he doesn’t see the point of a bitcoin ETF.