Bloomberg ETF analyst Eric Balchunas said that if the US Securities and Exchange Commission approves a bitcoin spot ETF, $30 trillion worth of funds could suddenly be released into the bitcoin market.
This is the estimated amount of assets controlled by U.S. financial advisors willing to invest in Bitcoin through a regulated exchange-traded fund.
“ETFs are the investment format preferred by baby boomers and financial advisors,” Balchunas explained in an exclusive interview with Cointelegraph.
Blackrock’s application for a bitcoin spot ETF last month sparked a new wave of optimism in the crypto market, leading other major firms including ARK Investment, Valkyrie and Fidelity to file their own bitcoin ETF applications.
The participation of BlackRock, the world’s largest asset manager, is enough to increase the chances of a bitcoin spot ETF being approved from 1% to 50%, Balchunas said.
“They’re smart enough not to just throw away documents,” the analyst said, adding that “they clearly saw something that they thought could pass the regulators”.
To learn more about the implications of Blackrock’s Bitcoin ETF filing, watch the full interview on our YouTube channel and don’t forget to subscribe!
(embed) https://www.youtube.com/watch?v=UkJ3JYFpxjA(/embed)
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