A recent CNBC analysis makes projections about the effects of a possible BlackRock Bitcoin ETF and suggests that it would end up dominating the market after receiving SEC clearance.
Although more than ten financial behemoths have submitted applications to start a Bitcoin ETF, one analyst suggests that investors should keep an eye on BlackRock’s submission.
Arca Chief Investment Officer Jeff Dorman described BlackRock’s proposal as “much more important” than the other potential offerings in a CNBC video that was made available on Monday. Fidelity, Digital Currency Group, and most recently Franklin Templeton, who entered the race just last week, are among of the other applicants to date.
“If Blackrock has an ETF, you know that they are going to win. They have the marketing and distribution to put new people into Bitcoin,” Dorman said.
BlackRock, one of the biggest asset management companies in the world, has reportedly been closely following the cryptocurrency market for some time and has even been covertly looking into methods to incorporate Bitcoin into its investing strategies.
This potential action by BlackRock might represent a significant vote of confidence in cryptocurrencies and could persuade other institutional investors to do the same.
In other sections of the video presentation, experts discuss how a spot Bitcoin ETF would offer conventional investors a regulated and easy entry point into the bitcoin market. According to experts, once the SEC authorizes a Bitcoin ETF, it will probably draw a wide range of investors who have been waiting for a regulated vehicle to enter the cryptocurrency industry, from retail traders to institutional players.
Bitcoin Futures ETFs are already traded publicly, however it should be noted that these funds don’t really purchase or sell bitcoin on the open market.
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The experts also discussed how the impending halving, in which the benefits Bitcoin pays out to the miners who protect the protocol would be decreased, might exert a positive pressure on its market dynamics, as well as Bitcoin’s broader narrative as a decentralized digital currency and store of value.
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