In a recent interview on Fox Business, BlackRock’s CEO Larry Fink expressed his belief that the recent surge in Bitcoin prices is a reflection of the growing interest in cryptocurrency. Fink acknowledged that clients from around the world are expressing a need for crypto. While Fink couldn’t comment on the progress of BlackRock’s spot Bitcoin ETF application, he suggested that the recent rally could be driven by safe-haven demand due to global issues such as the Israeli war and terrorism.

Fink’s Change of Opinion

BlackRock, known as the world’s largest asset manager, had previously referred to Bitcoin as an index of money laundering. However, in June, BlackRock filed an application to create a spot Bitcoin Exchange Traded Fund (ETF). This marked a significant change in Fink’s opinion toward Bitcoin. The application included measures to prevent market manipulation, which could increase the chances of approval.

Expected Approval and Bullish Narratives

Many analysts believe that BlackRock’s application, along with other similar ones, will likely be approved. The Securities and Exchange Commission’s decision not to appeal a recent legal loss regarding Grayscale’s application indicates a potential readiness to approve spot Bitcoin ETFs in the coming months. If approved, spot Bitcoin ETFs could boost investor confidence and make it easier for traditional investors to access Bitcoin. Additionally, the halving of Bitcoin’s issuance rate in April and potential changes in the Federal Reserve’s interest rate policy are cited as bullish narratives for Bitcoin in 2024.

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Fabio

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