The majority of crypto companies won’t survive, according to Blackrock CEO on the FTX collapse

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The majority of cryptocurrency businesses won’t exist after the demise of cryptocurrency exchange FTX, according to the CEO of Blackrockb, the biggest asset manager in the world.

The world’s largest asset management company, Blackrock (NYSE: BLK), discussed bitcoin and the defunct exchange FTX during an interview at the New York Times Dealbook Summit last week.

According to the CEO, the asset management company invested $24 million in Sam Bankman-(SBF) Fried’s FTX through a billionaire fund it oversees.

Fink said of the FTX meltdown: “We’ll have to wait and watch how this all plays out… We can currently make all of the determinations, and it appears that there were serious consequences to the wrongdoings. According to the CEO of Blackrock, the majority of the crypto companies we currently see will not survive. He said: “I actually believe most of the companies are not going to survive.”

Fink asserted that blockchain technology is important for the future despite the issues with FTX.

The Blackrock CEO stressed that the technology underlying bitcoin “will be very essential,” stating:

On Nov. 11, the cryptocurrency exchange FTX filed for Chapter 11 bankruptcy, and Bankman-Fried resigned as CEO.

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