CEO of BlackRock Larry Fink says he hasn’t thought through the possible direction of Bitcoin’s price and speculates that it might not become the preferred medium of exchange for regular transactions.

CEO of BlackRock Larry Fink questions whether Bitcoin (BTC) is really useful for regular transactions and reiterates that the public should view it as only an asset class.

Fink expressed his support for Bitcoin in a January 11 interview with CNBC, saying he sees it more as a substitute for national currencies than as a way to store capital.

He does think that central bank digital currencies, or CBDCs, will become a reality soon, though.

“I believe that digital currencies will be created by us using technology. “We intend to employ a blockchain,” he declared.

As per the latest data available on Cointelegraph, more than 100 nations are investigating the topic of CBDCs, out of which 39 have initiated, piloted, or proven the concept of CBDCs.

However, Fink stated that price wasn’t his top worry at the moment when asked about his position on ARK Invest CEO Cathie Wood’s most recent Bitcoin valuation projections, which ranged from $600,000 to $1 million.

It hasn’t been a key concern for Fink, who said, “I haven’t even thought about it,” adding that his main focus is on providing “an instrument that can store wealth” through its recently approved spot Bitcoin exchange-traded fund (ETF).

Fink stated that the Bitcoin ETF will help legitimate an industry that has been met with suspicion from the start in a different interview with Fox Business that same day.

“The advent of the Bitcoin ETF is an example that we’re legitimizing it, we’re creating more safety,” he said.

This comes after eight other applications, including BlackRock’s spot Bitcoin ETF application, were authorized by the US Securities and Exchange Commission (SEC) on January 10 to begin trading in the US.