In mid-June, investment company BlackRock filed an application with the U.S. Securities and Exchange Commission (SEC) to issue a spot bitcoin-ETF crypto fund. Its CEO Larry Fink believes that in the future, BTC could surpass the U.S. dollar and other fiat currencies in terms of capitalization.
Bloomberg strategist James Seyffarth holds a similar viewpoint. In his opinion, the cryptocurrency will be able to reach $100,000 after the emergence of bitcoin-ETF in the United States.
Now, institutional investors are looking for workarounds to get into the digital currency. With the emergence of an exchange-traded crypto fund, they will be able to test the asset directly and without fear of prosecution from supervisory authorities.
James Seyffarth estimates the chances of BlackRock launching a bitcoin-ETF as 50/50.
A month ago, another Bloomberg analyst Eric Balchunas also said that the investment company’s chances of launching such an instrument are not bad.
The probability of approval of BlackRock’s application is about 50%, and it may noticeably increase in the near future.