Larry FinkCEO of Black rockThe world’s largest asset manager with $10 trillion in assets under management said yes ‘impressed’ with the staggering growth of Bitcoin Exchange Traded Funds (ETFs).
In a recent interview with Fox Business, the businessman revealed his optimism about the future of digital currencies, praising Bitcoin in every way possible.
“I was surprised at how much it increased. I mean, look, we’re creating a market now with more liquidity and more transparency. And I am pleasantly surprised. And I never predicted this before, that we would see this kind of demand.”he said.
Despite its extensive experience on Wall Street, the surge in interest in bitcoin ETFs, especially BlackRock’s iShares Bitcoin Trust (IBIT), has exceeded all company expectations.
In just a few weeks, IBIT raised more than $10 billion, quickly reaching $17 billion in assets, positioning itself as one of the fastest-growing ETFs in history.
“IBIT is the fastest growing ETF in the history of ETFs. Nothing is gaining assets faster than IBIT in the history of ETFs”said BlackRock’s CEO.
JUST IN: 🔸BlackRock CEO Larry Fink tells them #Bitcoin ETF “is the fastest growing ETF in the history of ETFs” pic.twitter.com/ZXen3lED98
—Bitcoin Archive (@BTC_Archive) March 27, 2024
Bitcoin ETFs
The U.S. Securities and Exchange Commission’s (SEC) approval in January for spot bitcoin ETFs was a turning point in the market, facilitating institutional and individual investors’ access to Bitcoin.
This year, Bitcoin has already seen a 55% increase in value, surpassing the growth of the S&P 500 index. Interest in these ETFs has increased the value of bitcoin and put the cryptocurrency in a position comparable to gold, one of the safest assets in the world. the world.planet.
In just 30 days of SEC approval, spot Bitcoin ETFs attracted $30.6 billion, and within 57 days that number rose to over $50 billion in assets under management (AUM), a feat that took gold ETFs more than five years needed.
Ethereum ETF
After the SEC gave the green light to Bitcoin ETFs, the market is awaiting a similar decision regarding Ethereum, with the probability of a positive decision in May this year estimated at around 50%.
However, along the way, a new problem appeared. The SEC is considering classifying Ethereum as a security. Nevertheless, BlackRock’s CEO remains optimistic. He believes that even if Ether is classified as a security, this is still the case “does not eliminate” the chances of an ETF being approved.
Recognizing cryptocurrency as a security could result in increased scrutiny from regulators, but Larry Fink said creating an Ether ETF will still be possible.
Additionally, BlackRock recently announced a launch on Ethereum through its new BUILD tokenization product, a fund that has already raised over $160 million in just a few days.
Therefore, it is more likely than ever that BlackRock will continue to explore the cryptocurrency market, as the giant now has a lot to gain from seeing Bitcoin (and soon Ethereum) explode.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
