“Bitcoin Spot ETF Approval Will Influent $30 Trillion”–Bloomberg Eric Balchunas

2023-08-11 10:20:00
[블록미디어 이제인 기자]Analysts say that the U.S. Securities and Exchange Commission’s (SEC) approval of a bitcoin spot ETF could potentially bring $30 trillion of capital into the bitcoin market. $30 trillion is more than 50 times the current Bitcoin market cap of $570 billion.

According to Bitcoin News.com on the 11th, Bloomberg ETF analyst Eric Balchunas, who appeared on Bloomberg Podcast, said baby boomers and financial advisors are a generation that prefers to invest through ETFs.

The recent filing of a Bitcoin spot ETF application by BlackRock, the world’s largest asset manager, has ignited a wave of optimism across the Bitcoin market. Following BlackRock, other major companies such as ARK Investment, Valkyrie, and Fidelity quickly applied for Bitcoin ETFs because of the enormous importance of Bitcoin as an investment vehicle.

Valchunas analyzed that BlackRock’s participation alone significantly increased the probability of Bitcoin spot ETF approval to more than 50%.

He emphasized BlackRock’s intelligent and strategic approach, not random submissions. Their decision to pursue a Bitcoin spot ETF represents a keen observation of market dynamics and a belief that they have a viable proposition that can successfully pass regulatory scrutiny, he explained.

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