Marc Rowan: Billionaire, blockchain advocate and leading candidate for the US Treasury Department
Summary
Marc Rowan, CEO of Apollo Global Management, a company with over $700 billion in assets under management, is considered a leading candidate for U.S. Secretary of the Treasury. Rowan emphasizes the importance of blockchain technology for the future of the financial sector, but remains skeptical of cryptocurrencies as direct investments (Bloomberg, 2022). Among the leading candidates, he seems to be the most conservative regarding speculative coins and Bitcoin. At the same time, all leading candidates are considered bullish for the stock markets, as these are seen as a key benchmark for President Trump's economic success.
Who is Marc Rowan?
Marc Rowan is co-founder of Apollo Global Management, one of the largest private equity firms in the world.
- Assets: Estimated at 6.5 billion US dollars.
- Role at Apollo: Took over as CEO in 2021 after co-founder Leon Black stepped down.
- Achievements: Rowan was the driving force behind the acquisition of Athene Holding Ltd, an insurer that gave Apollo a leading position in the Wall Street market. He is recognized for his strategic thinking and innovation.
Rowan's position on blockchain and cryptocurrencies
Marc Rowan has made several statements on blockchain technology and emphasized its importance for the future of the financial markets.
- Quote: "Fintech is here to stay. Blockchain is here to stay" (Bloomberg, 2022).
- Apollo has been working with Figure Technologies on blockchain solutions for the financial industry since 2023. Digital mortgages have already been processed via blockchain, and Apollo is increasingly shifting securitizations to this technology.
- Quote: "We are moving our securitizations to the blockchain. We are betting on challengers to the financial system" (Bloomberg, 2022).
Rowan recognizes the potential of cryptocurrencies, but remains cautious:
- Quote: "The ecosystem that is emerging around crypto is simply amazing. But crypto itself? I think the jury is still out" (Bloomberg, 2022).
- Apollo has partnered with crypto companies such as Anchorage Digital, but has not offered direct crypto investments to clients.
Rowan's vision for NFTs and fintech
Marc Rowan sees the technologies behind NFTs as important innovations that could usher in profound changes to the financial system.
- Quote: "Many of the technologies supporting NFTs are pioneering changes to our financial system. Ignoring these developments would be a big mistake" (Bloomberg, 2022).
- Thus, it becomes clearer that Rowan does not see NFTs themselves, but the underlying technical innovations (e.g. blockchain infrastructure and platforms) as transformative elements.
Conclusion
Marc Rowan combines economic expertise with a technological vision. His recognition of blockchain technology and his critical stance on cryptocurrencies could shape US financial policy. While he advocates the transformative power of fintech, he remains cautious about speculative areas such as cryptocurrencies $BTC (+4,27 %) or $ETH (+9,58 %) cautious. His potential appointment as Treasury Secretary would have a lasting impact not only on the financial sector, but also on the regulation of innovative technologies.
Source:
Bloomberg (2022): https://www.bloomberg.com/professional/insights/markets/apollos-rowan-warns-rivals-to-ignore-blockchain-at-their-peril/
