An ex-BlackRock manager has predicted that the US could soon approve Bitcoin ETFs, or Exchange Traded Funds. Once approved, financial institutions will have a clearer picture of how they can invest in Bitcoin. Moreover, it will provide a well-structured and regulated avenue for investors. The ex-BlackRock manager believes that the approval could bring about a significant turning point for the crypto industry.
Approval of the Bitcoin ETF is estimated to open an investment worth $17.7 trillion. While the approval is good and shows a positive side, such a huge investment demonstrates the confidence of holders and the growing acceptance of Bitcoin across the world. It has started becoming a valid asset class that can now be integrated into traditional finance.
Another estimate is that if Bitcoin ETFs are approved, BTC’s price will rally. The token is currently at $27,557.30, a downward slip of 1.35% in the last 24 hours. The expert’s prediction has not made a huge impact on the price. BTC is finding a soft corner where it can claim that the prices are going back to an all-time high of $65,000. As per the latest Bitcoin forecast, the token can still manage to close the year with a trading value of $64,732.93. However, the lowest it could touch is $26,645.88.
The ex-BlackRock manager has further stated that approving Bitcoin ETFs will open the door to more investments in the future. Those who have been investing smaller amounts could later scale up their investment.
The integration of Bitcoin with the traditional financial system will mark a shift toward digital assets. Another digital asset that will gain investment along with Bitcoin is Ethereum. ETH is currently at $1,595.78. This is a slip of 2.33% in the last 24 hours.
Notably, approval is merely a prediction at the moment. It may or may not happen. Sanctioning Bitcoin ETFs will bring trillion-dollar investment opportunities, with estimates supporting the idea that more investors could soon head over to the digital asset for investment purposes. Bitcoin and other cryptocurrencies have attracted the SEC, along with lawsuits. That could change. Financial institutions will have a structured investment plan.
The only factor that restricts enthusiasm is the lack of mention of the timeline. The community is too used to hearing soon that the BTC price will cross $30,000 soon and the entire crypto market will inch closer to its all-time high value soon, are some of the examples.
Investments worth $17.7 trillion are estimated to cross the border of traditional financing, a sign that Bitcoin is growing not just in the number of holders but also in the size of investments. Finally, the approval will pave the way for integrating Bitcoin with traditional financial centers, giving clarity to investors and holders about their portfolios.
Source: https://www.cryptonewsz.com/ex-blackrock-manager-predicts-us-bitcoin-etfs-approval/