The recovery that began last week—after U.S. inflation appeared to cool—hit its stride this week as markets continued to reverberate from the bombshell of the world’s largest asset manager, BlackRock, filing an application to the SEC for a Bitcoin spot Exchange-Traded Fund (ETF).

Dozens of companies apply for ETFs, and dozens have been rejected. To date, not a single Bitcoin spot ETF has been approved by the crypto-skeptic SEC, despite the fact that Canadian regulators have approved many of them.

The stakes are high: a spot ETF would offer investors the chance to buy into Bitcoin and either ride the gravy train or go to hell in a hand basket, but if the latter, they’ll be safe in the knowledge that their investment is protected, unlike those who purchase and store crypto directly. 

If anybody has a chance of getting an ETF approved, it’s BlackRock. The firm boasts an incredible $9 trillion in assets under management and has a winning score of 575-1 when it comes to getting an ETF approved by the SEC. 

The news inspired two more U.S. asset managers, Go to Source to See Full Article
Author: Tim Hakki

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