BlackRock's Bitcoin Holdings Grow To Over 11,000+ $BTC
BlackRock is making a bigger move into bitcoin by purchasing more BTC to become one of the top 15 public holders. This comes as the asset manager rolls out a bitcoin ETF, showing their commitment to providing crypto access to more conservative investors. Other major financial players like Valkyrie and Fidelity are also advertising bitcoin ETFs in mainstream places like Time Square, reflecting growing Wall Street adoption.
However, some argue that a bitcoin ETF may not be the best crypto investment vehicle compared to simply buying spot bitcoin or shares of MicroStrategy, which has significant bitcoin exposure. Kevin O'Leary notes that institutions don't care about bitcoin ETFs and would rather directly own crypto, but approvals set a positive regulatory precedent. Still, the ETF development is likely to bring more mainstream capital into bitcoin over time as more financial advisors start offering it to clients.
In terms of other cryptocurrency ETFs, many expect an Ethereum ETF will face more resistance and delays from the SEC. Still, bullish indicators like growing total value locked in Ethereum and speculations around how Grayscale could legally force an approval may accelerate the process. But some firms believe the regulatory clarity will take time given Chairman Gensler's comments and the broader crypto legislation landscape.
Overall, BlackRock's bitcoin ETF and related marketing campaigns aimed at traditional investors could drive incremental capital into crypto. However, direct ownership, fundamentals like growing network adoption, and looming policy decisions around currencies will likely play an even greater role in determining prices over the long-term.
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