BlackRock Insider Primes Crypto For A Huge $17.7 Trillion Wall Street Earthquake That Could Be About To Hit The Price Of Bitcoin, Ethereum And XRP
Bitcoin and other major cryptocurrencies have experienced a turbulent year, largely influenced by the actions of the Federal Reserve. However, there is hope for the future as the approval of a bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) seems imminent.
BlackRock, the world’s largest fund manager with assets worth around $10 trillion, has supported the bitcoin price, leading to increased interest from Wall Street in crypto assets. A former BlackRock managing director, Steven Schoenfield, predicts that the SEC will approve all spot bitcoin ETF applications within the next three to six months. This approval would give funds managing a total of $17.7 trillion worth of assets the green light to invest in cryptocurrencies.
Franklin Templeton, a $1.5 trillion asset manager, recently filed for a bitcoin spot ETF, joining a growing list of applications that began with BlackRock’s filing in June. Other Wall Street giants, including Fidelity, Invesco Galaxy, and WisdomTree, have also submitted applications. The SEC’s recent decision to delay decisions on these ETF applications until early next year has fueled speculation that approval may be just around the corner.
Schoenfield believes that the SEC will likely allow Grayscale’s Bitcoin Trust to be converted into an ETF, as instructed by U.S. lawmakers. This move could further legitimize cryptocurrencies and attract more institutional investors to the market.
While the bitcoin price and the broader crypto market have been affected by recent developments, including the delay in ETF decisions, there is anticipation that the market will rebound once ETFs are approved. Smaller providers, such as Valkyrie and VanEck, are already diversifying their offerings beyond bitcoin and into ethereum, providing an added selling point once institutional players enter the bitcoin ETF market.
In conclusion, the approval of a bitcoin spot ETF by the SEC is anticipated within the next few months. This decision has the potential to significantly impact the bitcoin price and increase interest from institutional investors. As the market braces for the historical bitcoin halving, it is crucial for investors to stay informed and navigate the crypto market with the help of resources like Forbes’ CryptoAsset & Blockchain Advisor and the free CryptoCodex newsletter.
