BlackRock has been in the news since it applied for a Bitcoin ETF. Galaxy CEO Mike Novogratz revealed that, according to his sources at BlackRock and Invesco, it is just a matter of time before it is approved.
Mike also projected that it will be approved within 4-6 months if there are no regulatory barriers by the regulators or strict crackdowns in the industry. Mike is well known for his projections in the crypto sector.
BlackRock, one of the most prominent asset management firms, applied for the Bitcoin ETF. Blackrock’s CEO stated in 2017 that Bitcoin is a money laundering index. Later, in 2018, he stated that there was no investor demand for Bitcoin and that they were researching it. In 2023, the CEO of BlackRock stated that Bitcoin is digital gold and the best asset that can beat inflation.
Earlier, many firms applied for Bitcoin Spot ETFs but were rejected by the regulatory agency. The SEC mentioned that many firms have applied for ETFs, but there is no mention of a surveillance-sharing partner in them. All the firms updated the application and resubmitted it. The surveillance-sharing partner is the firm that tracks and reports all illegal activities.
BlackRock named Coinbase as its surveillance-sharing partner; Valkyrie, Fidelity, and ARK Invest also chose the same partner for the Bitcoin Spot ETF. Crypto buying and storing is very risky due to the bankruptcy of exchanges and rising scams. BlackRock believes that soon after the release of the Bitcoin Spot ETFs, it will democratize crypto investments and also ease the process of buying crypto.