As $700 billion worth of Bitcoin, Ethereum, XRP and cryptocurrencies surge in price, BlackRock has quietly opened the door to a "trillion-dollar-plus" Wall Street game-changer.
Not long after the death of Charlie Munger(Everyone who doubts Bitcoin will one day die), the American investment guru who always regarded investing in Bitcoin as a foolish behavior, the cryptocurrency experienced a rapid rise. After more than a year and a half, it once again stood above 40,000. (Too bad he won't get to see btc hit $100,000 next year)The U.S. dollar mark, and its market value has exceeded that of Berkshire Hathaway and Meta.
Why is Bitcoin so popular again? As on December 5, the price of one Bitcoin was US$41,736, climbing to a maximum of US$42,420 that day, setting a new high in more than a year and a half. Led by Bitcoin, the cryptocurrency world has been pretty sweet lately.
According to data from the Chicago Mercantile Exchange, the main contract of Bitcoin futures BTC rose by more than 7.90% in November, and the main contract of Ethereum futures DCR rose by more than 12.50% that month.
Judging from the last seven days, Bitcoin, ADA, Solana, LTC, etc. have all risen sharply, with an increase of at least more than 4.3%.
What factors have boosted Bitcoin’s current rise?
Bitcoin prices have topped $40,000/bit for the first time since early 2022, thanks in large part to BlackRock’s bombshell, fueling gains for the broader Ethereum, XRP and cryptocurrency markets.
Now, as rumors swirl around a secretive sovereign Bitcoin bid, BlackRock has quietly tweaked its landmark Bitcoin spot exchange-traded fund (ETF) application to allow entry for Wall Street giants like JPMorgan and Goldman Sachs.
Is BlackRock getting into Bitcoin a good thing or disaster?
Yes,the only thing it means for blackrock to give exposure to bitcoin for their clients is that it legitimizes bitcoin for the rest of institutional money to follow blackrock.
But they will need the asset first. So they will be manipulating price between 600k and a sudden drop to 500k.Price will be much higher before they have the Bitcoin they need to dump on the market and move price.Then the market will drive price up 5-200x. In the end,other funds to chase as well.
Perfect plan, but doesn't seem very foreign! Looking at the development history of capital in the world over hundreds of years, this is not surprising.But bitcoin is new and represents the future of our world!
So,it doesn’t matter, bitcoin is the future with or without blackrock,although Bitcoin’s opponents are very strong this time.