BlackRock’s Spot Bitcoin ETF Could Ignite the Great Crypto Accumulation Race

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In a groundbreaking development for the crypto industry, investment management giant BlackRock has reportedly filed for a spot Bitcoin ETF, indicating the start of the ‘great accumulation race’ of Bitcoin. A cascading effect of institutional buy pressure could trigger a broader crypto adoption, potentially leading to a 10x increase in the price of Bitcoin.

The application by BlackRock, if approved, will join retail investors who have had a head start of nearly 15 years in the Bitcoin accumulation race. Interestingly, 68% of all Bitcoins in circulation have remained immobile for over a year, implying a high liquidity. This combined with a fixed supply may result in price elevation as institutions like BlackRock seek to enter the market.

As BlackRock’s move awaits SEC’s approval, the company’s partnership with Coinbase, which is currently embroiled in a lawsuit with the SEC, raises questions. BlackRock’s confident move, despite this challenge, indicates possible insider knowledge about the SEC’s stance on Bitcoin, triggering speculations on the unfolding scenario.

CNBC’s coverage of BlackRock’s bold step emphasized the significance of this move despite the hostile stance of SEC towards Bitcoin ETFs. BlackRock’s move, characterized by collaborations with the Bank of New York Mellon and Coinbase, and a surveillance agreement with NASDAQ, indicates a meticulous effort to address security aspects and establish a safe crypto environment for its users.

This scenario, however, does not obscure the concerns about the clear regulatory authority, especially as Coinbase continues to be unregulated. Even amidst this uncertainty, BlackRock’s decision to file for a Bitcoin ETF hints at the company’s confidence in a positive outcome, which could be a game-changer for crypto.

A broad approval, even if faced with challenges, could signal a massive accumulation underway. This revelation seems to stem from the realization that Bitcoin investments, especially during the pandemic, have outperformed almost every single hedge fund on Wall Street.

After Bitcoin, the next focus will likely shift to other legitimate crypto assets in the market. Though Bitcoin continues to dominate the market, promising altcoins may present significant gains for institutional investors like BlackRock, Fidelity, Citadel, and Charles Schwab.

This groundbreaking move by BlackRock could ultimately set the stage for a new era of Bitcoin and altcoin investments. Stay tuned as we navigate this exciting terrain in the crypto world.

Gerald
Geraldhttps://news.safaritravelplus.com
As a writer, I have a passion for exploring a variety of topics. When I'm not putting pen to paper, I enjoy traveling and spending time with my family. As a husband and father, I understand the importance of balance and finding time for the things I love. Whether I'm delving into new subjects or spending quality time with my loved ones.

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