BlackRock expands its Bitcoin venture with the registration of a spot Bitcoin ETF, which may spark a $15T cryptocurrency frenzy.
96% of professional investors with $5T AUM, according to a poll by Laser Digital, are interested in buying cryptocurrency.
A number of significant financial firms, including Invesco and WisdomTree, submit applications for their own spot Bitcoin ETFs.
BlackRock, the world’s largest asset manager with roughly $10 trillion in assets under management, has lately taken steps to increase its visibility in the cryptocurrency space.
This idea has attracted a lot of attention and might lead to a $15 trillion cryptocurrency bubble. The company registered for an exchange-traded fund (ETF) focusing on the spot bitcoin market, and as a result, the value of the leading cryptocurrency has increased noticeably—nearly 20% over the last week—since then. A market value of $1.17 trillion has been reached by the larger cryptocurrency market, which has also increased. Due to this, other cryptocurrencies such as Ethereum ($ETH), Bitcoin ($BNB), XRP ($XRP), and even meme-inspired cryptocurrencies like Pepe ($PEPE) have also risen, with some of these surpassing the general market.
A stunning 96% of professional investors who jointly oversee up to $5 trillion are interested in investing in cryptocurrencies, according to a poll by Nomura’s Laser Digital, the digital assets division of banking behemoth BlackRock. CEO of Laser Digital Jez Mohideen stated in a statement that the study shows “that the majority of institutional investors surveyed saw a clear role for digital assets in the investment management landscape, and the benefits they can bring, such as greater diversification of portfolios.”
A clear image emerged from the survey’s findings, which included responses from 303 professional investors: Both BTC and ETH were seen favorably by 82% of the participants, and 88% of those who responded said they or their clientele were thinking about making cryptocurrency investments.
With Coinbase functioning as its custodian partner for the fund, prominent cryptocurrency exchange BlackRock submitted an application for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Several significant financial companies, including Invesco, WisdomTree, and others, filed for their own spot Bitcoin ETFs in response to the action. The potential for these funds to release vast amounts of liquidity in the market for bitcoin has sparked enthusiasm about the future of digital assets and the rise in interest in cryptocurrency ETFs.
DISCLAIMER: This website’s information is offered as a general market commentary and does not represent investment advice. We advise you to conduct your own research before making an investment.