BlackRock Bitcoin ETF: $30 trillion at stake

Lately, there’s been a lot of interest in the Bitcoin ETF. BlackRock’s Bitcoin ETF is particularly attracting the interest of crypto investors. According to one Bloomberg analyst, it could even unlock colossal wealth.

He also reiterated our 50% odds of approval. Nothing has changed it over past two weeks. Now we just wait for more news… pic.twitter.com/OQcP05CBMd

— Eric Balchunas (@EricBalchunas) July 11, 2023

The potential of BlackRock’s Bitcoin ETF

For the time being, the SEC has yet to give its final verdict on BlackRock’s Bitcoin ETFs. According to Bloomberg ETF analyst Eric Balchunas, the regulator’s approval could open the doors to $30 trillion in wealth. This estimate is based on assets controlled by financial advisors in the US.

In an exclusive interview with Cointelegraph, Balchunas highlights the importance of the Bitcoin ETF. “It’s the preferred format for baby boomers and financial advisors,” he explained. Above all, BlackRock’s involvement has considerably increased the chances of approval for this cash-based Bitcoin ETF. BlackRock is now considered the world’s largest asset manager.

Balchunas expresses optimism about BlackRock’s application and says the filing process is strategic. “They clearly see something out there that they think they can get through the regulators,” he maintains.

The domino effect of applications

BlackRock’s application for a Bitcoin ETF has triggered a wave of optimism within the crypto industry. The proof: many other major companies have taken the same steps for a Bitcoin ETF. These include ARK Investment, Valkyrie and Fidelity.

According to Balchunas, BlackRock’s expertise and reputation strengthen the case for ETF approval. More explicitly, BlackRock’s involvement would increase the chances of approval from 1% to 50%. This announcement paves the way for new hope for crypto investors and enthusiasts alike.

One thing is certain: BlackRock’s Bitcoin ETF could mark a turning point in the crypto industry. With the potential to unlock $30 trillion in wealth, investors are eagerly awaiting the SEC’s decision. The fact is, the future of the Bitcoin market could be shaped by this historic decision. To be continued…