In an optimistic forecast, BlackRock BLK, the world’s largest asset manager, expects the U.S. Securities and Exchange Commission (SEC) to greenlight its spot Bitcoin exchange-traded fund (ETF) application by January 2024.
What Happened: FOX Business correspondent Charles Gasparino reported that BlackRock, overseeing $8.5 trillion worth of assets, is increasingly hopeful of the impending approval, The Street reported.
A former BlackRock manager suggested in October that the approval could channel $200 billion into Bitcoin BTC/USD markets, potentially propelling the top cryptocurrency’s price to $330,000.
See Also: ‘Every Dog Has Its Day’: Crypto Analyst Predicts Dogecoin To Skyrocket 140% By End Of 2023
Why It Matters: The SEC is slated to make decisions on twelve ETFs by Nov. 17, setting an eight-day window for the decision, according to leading analysts. Bloomberg’s James Seyffart and Eric Balchunas, experts in the field, believe that the decisions are imminent and maintain a 90% probability of approval by January 10, 2024.
Separately, BlackRock registered an iShares Ethereum Trust in Delaware on Thursday, a prelude to its application for a spot Ethereum ETF. This move, a long-desired goal of crypto enthusiasts, could offer investors indirect exposure to the world’s second-largest cryptocurrency on a traditional stock exchange.
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