Following the Blackrock application, a Bitcoin spot ETF was never so close to being approved and it could be a game changer for the crypto industry, explains ETF analyst Eric Balchunas.
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$30 trillion worth of capital could suddenly unlock for the Bitcoin market if a Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst Eric Balchunas.
That is the estimated amount of assets controlled by financial advisors in the U.S., who would be willing to get exposure to Bitcoin through a regulated exchange-traded fund.
“ETF is the format in which the boomers and the financial advisors prefer their investments delivered in”, Balchunas explained in an exclusive Cointelegraph interview.
Blackrock’s application for a Bitcoin spot ETF last month sparked a new wave of optimism around the crypto market which led other major firms such as ARK Investment, Valkyrie, and Fidelity to file their own applications for a Bitcoin ETF.
The involvement of Blackrock, the world’s largest asset manager, was enough to raise the chances of a Bitcoin spot ETF approval from 1% to 50%, according to Balchunas.
“They’re very smart and they don’t just throw filings out willy nilly”, the analyst said. “They clearly see something out there that they think they can get through the regulators”, he added.
To find out more about the implications of the Blackrock Bitcoin ETF filing, watch the full interview on our YouTube channel, and don’t forget to subscribe!
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