"Wow, is it true that BlackRock's actions can drive the price of BTC to crazy heights?"
BlackRock, the world's largest asset manager with $8.8 trillion in assets under management (AUM) continues to finalize its application for a spot Bitcoin (BTC) ETF as expectations for regulatory approval grow.
Through the latest update detailed in a Securities and Exchange Commission (SEC) memorandum, participants are authorized to create a new BTC ETF in which some of the world's largest banks are able to gain exposure to BTC.
Based on BlackRock's large holdings, analysts expect approval of the spot BTC ETF to bring unprecedented institutional capital into the crypto market and drive BTC prices to new all-time highs.
Following that, some of the biggest Wall Street institutions such as JPMorgan and Goldman Sachs will likely buy BTC through the product as well as they cannot receive the benefits of exposure to BTC due to direct crypto custody responsibilities being outside their jurisdiction.
But if JPMorgan and Goldman Sachs become authorized participants (APs) in BlackRock's ETF products, they could use some of its large balance sheets and end up buying BTC.
Optimism about possible SEC acceptance of BlackRock's spot BTC ETF has grown, so the latest estimates suggest its approval will take place on January 5, 2024.
Like to be informed that the price prediction for the upcoming increase in BTC will be strong if the largest bank in the United States (US) chooses to join BlackRock and buy the digital asset through the product.
