While there appear to have been "misbehaviors" by the collapsed crypto exchange FTX, the technology behind cryptocurrency remains relevant for the future, according to Larry Fink, the CEO of major investment fund BlackRock.
"We're going to have to wait to see how this all plays out" with FTX, Fink was quoted by news agency Reuters. "I mean, right now we can make all the judgment calls and it looks like there were misbehaviors of major consequences.”
The executive made his remarks during an event hosted by the New York Times DealBook. At the same time, Fink said that he believes the majority of crypto businesses "are not going to be around" in the future.
In spite of all the issues triggered by FTX’s bankruptcy, Fink said that he thinks the blockchain technology"will be very important."
"I believe the next generation for markets and next generation for securities will be tokenization of securities,” the businessman said.
Regarding the economic outlook for the U.S. economy, Fink painted a bleak picture, referring to the rising inflation, high interest rates, as well as limited capacity for fiscal stimulus.
"We're actually going to enter a period of more what I would call malaise," the executive said. "We're just not going to have an economy that is based on real growth that we were accustomed to.”
It is noteworthy that a similarly gloomy forecast for the U.S. economy was recently offered by Tesla’s and Twitter’s CEO Elon Musk.
The billionaire entrepreneur called the current economic trend in America "concerning" in response to a tweet by user vincentyu.eth who said he is "expecting a real economic recession in 2023" and advised others to be prepared "for any macro storm ahead of us." Musk believes that the United States could beRead more on cryptonews.com