BlackRock CEO: Biden and Trump should pursue "economic prosperity"

BlackRock CEO Larry Fink urges US presidential candidates to overcome internal divisions in the United States, develop capital markets, reduce regulatory burdens, and expand the economy following the attempted assassination of Trump, and also mentioned his views on Bitcoin. After BlackRock announced its second-quarter earnings, Fink said in an interview, " Economic growth will not come from tax cuts, that's too short-term, we need to build America." He pointed out that this includes streamlining the process of obtaining permits within the country. BlackRock has a global client asset management scale of $10.6 trillion, making it the world's largest asset management company. Fink stated that the political dialogue in the United States is "sometimes frightening," but such dialogue is crucial for finding common ground and driving economic growth. At the age of 71, Fink said, "I remember what former President Reagan did, he created economic prosperity by offering that kind of hope, we now need unbridled enterprises, we will get growth from the private sector." During his presidency, Reagan advocated for a free enterprise system, cut government spending, balanced the budget, increased military spending, and proposed some documents and laws to improve domestic education in the United States. Ben Emons, Chief Investment Officer of FedWatch Advisors, stated in an email, " The attempted assassination of Trump has some similarities to the 1981 shooting of President Reagan, although it is not an election year. After the incident, Reagan's popularity quickly rose during the double recession." Since May, the Trump campaign team has been accepting donations from the cryptocurrency industry, and his attitude towards this industry has become increasingly positive, supporting the future of this digital asset. Fink suggested that Bitcoin could become a way for ordinary investors to hedge against severe government turmoil. Fink said, "I firmly believe that Bitcoin has a place in the portfolio," he refers to it as "digital gold". BlackRock has become a significant player in the cryptocurrency field. Since its launch in January this year, its iShares Bitcoin Trust (IBIT) has attracted over $18 billion in funds, making it the largest Bitcoin exchange-traded fund. The company has also submitted an application to potentially launch an Ethereum ETF. Fink stated that political risks and rising government debt are some of the reasons investors hold Bitcoin, " I believe it is a tool to invest in when you are more afraid. When you think that the country's currency is devaluing due to excessive deficits, it is a tool, and some countries are like that." Since the outbreak of the COVID-19 pandemic, Bitcoin has surged significantly, with large-scale government spending and global inflation on the rise. Fink mentioned that aside from Bitcoin, he believes that the increase in public spending is one of the biggest issues the world faces, "The public deficit as a percentage of GDP is growing too fast." He stated that without economic growth, the continuously rising deficit at an "unsustainable level" will become a major burden for future generations