BlackRock wakes up the Bull Run. Bitcoin has appreciated by 80% since the beginning of the year and the coming year is looking very good.
BlackRock dubs Bitcoin
Investment funds have been looking to launch a Bitcoin ETF for years. Without success so far. The SEC refuses without giving an explanation.
Blackrock made a similar request earlier this week. It is not an ETF strictly speaking, but a “Bitcoin Trust” which offers practically the same service. Several funds have since joined the dance. The reason being that the first ETF still gets the lion’s share.
The other contenders are:
-Fidelity
-Invesco
-WisdomTree
-Bitwise
-Valkirie
First of all, note that BlackRock has been in the spotlight this week since the shocking revelations from Veritas journalists:
In addition, remember that SEC Chairman Gary Gensler is now under pressure due to his lawsuit against Binance and Coinbase. The latter enjoy significant support from the US Congress, which is oddly very sensitive to the cause of shitcoins…
Who knows, maybe the timing isn’t coincidental. Could the world’s largest investment fund give the SEC a boost in exchange for the first Bitcoin ETF?
Be that as it may, the arrival of BlackRock in dance confirms the growing interest of institutions. And just like the listing of the Coinbase exchange on the NASDAQ, this new dubbing would confirm a little more that Bitcoin will never be “banned”.
Hopefully Fidelity wins. An early supporter of Bitcoin, Fidelity even wants to introduce it into its retirement savings funds (401k). His research paper ” BitcoinFirst » was very popular with bitcoiners.
Should we be wary of BlackRock?
We can indeed read on the site of the DRY that in the event of a hard fork, BlackRock reserves the right to choose which fork is legitimate, even if this should negatively impact the value of the ETF:
“In the event of a hard fork of the Bitcoin network, BlacRock reserves the right to determine in good faith which network […] is generally accepted as the bitcoin network […]. BlackRock will base its decision on all factors it deems relevant, including its beliefs regarding the expectations of leading Bitcoin developers, users, services, businesses, miners, and other groups, as well as the actual and continued acceptance of the Bitcoin network, its mining power and the community’s commitment to it, or any other factors it deems relevant. There is no guarantee that BlackRock will choose the fork that will ultimately have the most value, which may have a negative effect on the value of the shares in the ETF. »
These clarifications triggered jeers and excellent parodies on Twitter:
Knowing who will inherit the original logo on the exchanges is important. But at the end of the ends, “money talks”as the Anglo-Saxons say.
The justice of the peace will be the value of the two bitcoins in the event of a fork. Today, the market capitalization of Bitcoin Cash (BCH) is only 1/55 of that of Bitcoin. But the story could have been different if BlackRock had thrown its weight behind it in 2017…
Who tells us that BlackRock will not covertly finance a murderous hard fork that it will hasten to support on D-Day thanks to its financial power?…
New record in sight?
The appetite of large investment funds for Bitcoin is obvious. Even today, it is the former CEO of Barclays who declares: “I love seeing big companies get involved [dans le bitcoin] ». Earlier it was the bank Santander who braided laurels at the Lighting Network.
The possibility of acquiring bitcoin for pittance could soon end…
Two other factors argue for a Bull Run. The first is the SEC’s offensive against Binance, Coinbase and the thousands of shitcoins they shamelessly push around.
The future is bleak for bitcoin pastiches. Casinos are closing and shitcoins are gradually being delisted. This was recently the case at Binance France for DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, WMR, MOB and XMR (Monero).
More recently, the SEC has gone after SOL, ADA, MATIC, SAND, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, BNB, BUSD, FIL, ATOM, MANA, ALGO, AXS and COTI.
Reason always wins out in the end. Everyone will eventually realize that “cryptos” are in essence ponzis put forward by influencers who are fully aware of their scams.
In other words, exchanges will soon only offer Bitcoin. Whatever is still left in CrYpto will eventually flow into bitcoin.
Another reason for optimism: the halving. Next May, the bitcoin supply will halve. Instead of 6.25 BTC every 10 minutes, miners will only get 3.125 BTC.
Expect Bitcoin to soar towards an ATH very soon and find a new equilibrium. Our article to know everything about Halving.
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