BlackRock’s Bitcoin ETF Filing Could Be the Most Important, According to Analyst
In the race to launch a Bitcoin ETF, more than 10 financial giants have filed their applications. However, one analyst believes that BlackRock’s application stands out from the rest.
Chief Investment Officer of Arca, Jeff Dorman, stated in a recent CNBC video release that BlackRock’s filing is “much more important” than the others. Notable applicants thus far include Fidelity, Digital Currency Group, and Franklin Templeton, which joined the competition just last week.
Dorman emphasized the significance of BlackRock’s involvement, stating, “If BlackRock has an ETF, you know that they are going to win. They have the marketing and distribution to put new people into Bitcoin.
According to CNBC, BlackRock, one of the largest asset management firms globally, has been closely observing the cryptocurrency market for some time. The firm has even been quietly exploring ways to incorporate Bitcoin into its investment strategies.
If BlackRock proceeds with its ETF application, it could serve as a major vote of confidence in cryptocurrency. This move may also encourage other institutional investors to follow suit.
The CNBC video also highlighted the potential benefits of a spot Bitcoin ETF for traditional investors. Experts believe that once the Securities and Exchange Commission (SEC) approves a Bitcoin ETF, it will attract a wide range of investors, including both retail traders and institutional players. This approval would provide a regulated and accessible gateway into the cryptocurrency market.
It should be noted that while Bitcoin Futures ETFs are already publicly traded, these funds do not directly buy or sell Bitcoin on the open market.
The experts in the video also discussed Bitcoin’s broader narrative as a decentralized digital currency and a store of value. They also highlighted how the upcoming halving, in which the rewards paid to miners securing the Bitcoin protocol will decrease, could have a positive impact on its price dynamics.
Considering these factors, the CNBC report confidently suggests that a “next bull market” may soon be on the horizon.
Source: [CNBC](https://www.cnbc.com/)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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