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Wall Street Wants In On Bitcoin

July 10, 2023
x min read

The SEC has approved BlackRock’s proposal for a Bitcoin ETF.

This sent ripples across both the stock market and the crypto universe, leading many to believe that this is finally the beginning of institutional adoption of Bitcoin as an asset.

BlackRock is one of the world’s largest asset managers in the world, and their push into Bitcoin is no small feat.

What Does It Mean:

  • The proposed BlackRock Bitcoin ETF would allow institutions and individuals to gain exposure to the price action of Bitcoin, without actually needing to own or custody Bitcoin themselves
  • By listing a Bitcoin ETF on a traditional stock exchange, this provides a new onramp for funds, pensions and other pools of capital who are yet to participate in Bitcoin as an asset

What’s Next:

  • The SEC approval of the proposal has caused other legacy financial companies to start preparing their own Bitcoin ETFs, including Wisdom Tree and Fidelity
  • The SEC still needs to formally approve the ETF and allow it to trade, which there is no set timeline around

What People Are Saying:

  • While this move has sparked optimism for crypto, it has also received negativity from the evangelic Bitcoin community who believe BlackRock has no place in a decentralised premission-less asset
  • Many in the Bitcoin community believe that legacy financial companies are the exact reason Bitcoin is needed, and that their involvement in Bitcoin can only be negative and toxic
  • “It would absolutely end the crypto winter,” says Peter Eberle, president and chief investment officer of Castle Funds

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