BlackRock's Bitcoin ETF: a turning point for the mass adoption of cryptos
Recently, BlackRock filed a Bitcoin ETF application with the SEC. The process is still in its early stages, but already seems to mark a major change for bitcoin.
BlackRock’s ETF filing, the key to bitcoin’s institutional adoption?
BlackRock’s filing for a Bitcoin ETF is certainly one of the major crypto developments of recent weeks. Its positive impact on the bitcoin price can still be felt today.
Some believe that the leading crypto is now in a sustained upward cycle thanks to this demand. Such is the case of Matt Hougan, head of digital asset management firm Bitwise Asset Management.
Hougan is not the only one expressing optimism about the positive impact of this move on bitcoin. Ark Invest, the asset management company founded by Cathie Wood, also views the future of bitcoin with great optimism. Particularly when it comes to the institutional adoption of bitcoin.
Ark Invest believes that the demand for Bitcoin ETFs is not only driving a change in perception among institutional investors. Above all, it signals a significant shift in “institutional acceptance of bitcoin”.
“BlackRock’s decision to file for a Bitcoin ETF indicates that major institutional players are positive about the long-term prospects of the digital asset,” said Yassine Elmandjra, analyst at Ark Invest, in a note published on Monday, June 26.
Furthermore, in the same note, the expert added: “While very similar to previous ETF filings, BlackRock has worked with Nasdaq to distinguish its application with a unique oversight sharing agreement designed to prevent the risk of bitcoin-related market manipulation.”
Could BlackRock’s collaboration with Nasdaq be one of the elements that will curry favor with the SEC over this approach? We can’t say. What we can say, without a shadow of a doubt, is that bitcoin has gained 15.3% since this procedure was initiated. This, by capitalizing $188 million in investment alone. The asset is currently trading at around $30,370.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.