BlackRock Makes Bitcoin ETF Approval a Key Priority, According to Fox News

BlackRock, the world’s largest asset manager, has revealed that approving a Bitcoin Exchange-Traded Fund (ETF) has become a “key corporate priority,” according to a report by Fox News. The news has sent shockwaves through the cryptocurrency industry and could potentially open the floodgates for institutional investment in Bitcoin.

BlackRock’s interest in Bitcoin ETFs is seen as a significant development, as the company manages over $9 trillion in assets. If approved, a Bitcoin ETF would allow investors to gain exposure to Bitcoin without directly owning the cryptocurrency. This would make it much easier for institutional investors, such as pension funds and mutual funds, to invest in Bitcoin.

The report by Fox News cites anonymous sources within BlackRock who claim that the company has been exploring the possibility of launching a Bitcoin ETF for some time. The sources also revealed that BlackRock has been in discussions with regulatory authorities to address any concerns they may have regarding the cryptocurrency market.

BlackRock’s interest in Bitcoin is not entirely surprising, as the company has been closely monitoring the cryptocurrency market for several years. In 2018, BlackRock set up a working group to assess the potential benefits and risks of investing in Bitcoin and other cryptocurrencies. The group, consisting of experts from various divisions within the company, concluded that Bitcoin had the potential to become a global market asset.

Since then, Bitcoin has experienced significant growth and gained mainstream recognition. Several countries, including El Salvador, have even adopted Bitcoin as legal tender. This growing acceptance of Bitcoin has further fueled BlackRock’s interest in launching a Bitcoin ETF.

If BlackRock succeeds in getting approval for a Bitcoin ETF, it could have a profound impact on the cryptocurrency market. The entry of a major institutional player like BlackRock would likely attract significant capital inflows, driving up the price of Bitcoin. It would also signal to other institutional investors that Bitcoin is a legitimate asset class, potentially leading to further adoption and investment.

However, it is important to note that the approval process for a Bitcoin ETF is still complex and uncertain. The U.S. Securities and Exchange Commission (SEC) has previously rejected several Bitcoin ETF proposals citing concerns over market manipulation and investor protection. The SEC is currently reviewing a proposal by VanEck, another major asset manager, to launch a Bitcoin ETF.

Despite the regulatory challenges, the fact that BlackRock is prioritizing a Bitcoin ETF is a significant development for the cryptocurrency industry. It demonstrates the growing acceptance and recognition of Bitcoin as a legitimate investment asset. If approved, a Bitcoin ETF could pave the way for increased institutional participation in the cryptocurrency market, potentially driving its value to new heights.

As of now, it remains to be seen how long it will take for BlackRock’s Bitcoin ETF proposal to navigate the regulatory process. However, the news alone has already had a positive impact on the price of Bitcoin, which surged following the announcement. The cryptocurrency community will be closely watching the developments and eagerly anticipating the outcome of BlackRock’s efforts to launch a Bitcoin ETF.

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BREAKING: BlackRock has made a Bitcoin ETF approval a “key corporate priority” – Fox News pic.twitter.com/xoOWXqpQOX

— Bitcoin Archive (@BTC_Archive) December 21, 2023

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@BTC_Archive said BREAKING: BlackRock has made a Bitcoin ETF approval a "key corporate priority"

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