The $9 trillion asset management firm BlackRock has lined up a staggering $2 billion in capital for Spot Bitcoin ETF. According to Bloomberg analysts, BlackRock has a “big day one” capital lined up for the Spot Bitcoin ETF. Sources close to the development said to Bloomberg that BlackRock might invest more than $2 billion if required.
Also Read: Gold Price Forecast: XAU/USD Recovers Lost Ground at $2,030 Level
VanEck’s head of digital assets research, Matthew Sigel, said that he vetted the source who informed about the $2 billion investment. “I heard from a pretty well-placed source that BlackRock has more than $2 billion lined up in week one in new incremental flows from existing Bitcoin holders who are adding to positions,” he tweeted.
Also Read: BRICS: JP Morgan Issues Major Warning About US Economy
However, Sigel noted that he cannot confirm the news as it is yet to be official.“I can’t vouch for that. But you know, that’s what everyone is doing. Just making phone calls and trying to find the folks who can write checks into these products.” He added, “If that $2 billion happened in week one, you know, that would blow away our estimates.”
Also Read: Planning To Buy Gold Next Month? Here’s February 2024 Price Prediction
BlackRock: $2 Billion Entry in Bitcoin ETF Could Make the Cryptocurrency Market Skyrocket in Price
If the sources are true, BlackRock’s $2 billion investment in a day for Bitcoin ETF could make the markets soar. A huge investment could make prices sustainably scale up and attract heavy buying sentiments for Bitcoin. Not just BlackRock, the other trillion-dollar asset management firms could follow suit by investing in Bitcoin ETF.
Also Read: 30 New Countries Ready To Join BRICS in 2024, Confirms Russia
Asset management firms like VanEck, Bitwise, Fidelity, Franklin, Valkyrie, Hashdex, ArkInvest, Grayscale, WisdomTree, and Invesco Galaxy could also invest billions.
Bitcoin’s price could skyrocket and reach a new all-time high if billions of dollars come from BlackRock’s investment in ETF. However, the SEC is yet to agree on the Bitcoin ETF, and only after approval can BlackRock invest the $2 billion.