BlackRock's Bitcoin Move Sends a Powerful Message - COINTURK NEWS
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BlackRock’s Bitcoin Move Sends a Powerful Message

9:05 am (28 days ago)
September 5, 2023

Raoul Pal, former executive of Goldman Sachs, one of the world’s largest investment banks, made a remarkable claim that there is a potential use case for cryptocurrencies worth approximately $1 trillion that will eventually enter the market.

The Message Behind BlackRock’s Bitcoin Move

In an interview with Crypto Banter, macro guru Raoul Pal stated that the world’s largest asset management company, BlackRock, applying to the U.S. Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF) potentially paves the way for a significant influx of money into blockchains and cryptocurrency platforms.

Pal emphasized the importance of BlackRock’s move, stating, “I believe what BlackRock is doing is significant. Not for the ETF, not for the flows, but for the message it sends to the entire financial sector. I know most of these people. BlackRock has been interested in cryptocurrencies for a while. Remember, Larry Fink, the CEO of BlackRock, talked about it during the last cycle. There’s Apollo, and it’s massive. Goldman Sachs, JPMorgan, they all have it, and now we see them coming to the surface and saying, ‘This is meaningful technology.’ And now they’re saying, ‘We want to invest in it, we want to allow our clients to invest in it, and we want to build something on top of its infrastructure.’ So if you want the largest possible use case, it’s the entire financial sector. They all have a $1 trillion derivative product they can run on-chain. All the stock markets, everything can run on-chain. So if you want an use case that overshadows everything else, it’s money and the financial system.”

BlackRock and the Spot Bitcoin ETF Move

BlackRock, one of the world’s largest asset management companies, founded in 1988, is a U.S.-based company operating in the field of financial services. The company is headquartered in New York and has offices in many countries worldwide.

BlackRock manages billions of dollars in assets, providing asset management services for millions of investors worldwide. As a major player, especially for institutional investors, it has become a significant influencer in global financial markets. It also strives to take a leadership role in important financial and societal issues such as sustainable investing and climate change.

With a success rate of nearly 100% in the approval of its ETF applications, BlackRock applied for a spot Bitcoin ETF to the SEC in July, and experts believe that there is about a 75% chance that the U.S. federal regulator will give the green light to a spot Bitcoin ETF by the end of the year.

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