BlackRock, the world’s largest asset manager, has addressed social media reports about the approval of its long-awaited bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). A BlackRock spokesperson stated that the iShares Spot Bitcoin ETF application is still under review by the SEC. After Cointelegraph’s post regarding the ETF on X (formerly Twitter), the price of Bitcoin briefly surged towards $30,000, but dropped to $28,000 following BlackRock’s clarification. Cointelegraph apologized for spreading inaccurate information and confirmed that an internal investigation is underway. The first bitcoin ETF is likely to trade from January 10, as the SEC’s attempts to prevent the creation of bitcoin ETFs have been overturned in court. Bloomberg Intelligence’s ETF analyst, James Seyffart, believes that the update to ARK Investment Management and 21Shares’ bitcoin ETF prospectus indicates a positive conversation with the SEC, suggesting that the ETF will be approved. The approval of a bitcoin ETF would be a significant step towards wider acceptance and legitimacy of the cryptocurrency. It would allow investors to gain exposure to bitcoin without the associated costs and logistics of holding the asset themselves. Additionally, it would distribute the risk of theft and volatility between the fund manager and investors. Anthony Scaramucci, founder of SkyBridge Capital, predicts that bitcoin could reach a market capitalization of $15 trillion. Similarly, ARK Invest founder and CEO Cathie Wood has raised her firm’s bitcoin price target to $1.48 million by 2030, further affirming the growing institutional acceptance of bitcoin. Even the White House holds 200,000 bitcoin, worth $5 billion, which were seized from cybercriminals and the dark web.
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