BlackRock and Fidelity both apply for bitcoin ETFs

[Ale88]

With all this catastrophic litigation against Binance and Coinbase and a legal battle against Greyscale by none other than the SEC, two asset managers Blackrock and Fidelity are applying for their own Bitcoin ETFs. (Source).

BlackRock manages ~8.1 trillion dollars worth of assets and a Fidelity manages ~4.2 trillion. Fidelity also wants to buy out Greyscale, who themselves would be in big financial trouble if these ETFs get approved - and they very much look likely to be, because these managers have a good record of getting their ETFs approved.

For reference, the entire crypto market cap is around ~1 trillion dollars (also from Reddit).

I am extremely curious to see the result of BlackRock's application because usually when they apply for an ETF, they get approved. It's going to take a while for sure, it's not going to be quick, but if there is a bitcoin ETF that could actually be approved it's BlackRock's. Potentially there is a ton of money waiting to flood into the market.

[1714641227]

1714641227

[bbc.reporter]

Why are these traditional financial insititutions beginning to enter the cryptospace despite being in the middle of Gensler's crackdown? It is not only BlackRock and Fidelity entering. Citadel Securities and Schwab's EDX cryptocoin exchange has begun their operation. Deutsche Bank has applied for a digital currency license.

It will not be shocking if there was really a consipracy against Binance, Coinbase and the others to have traditional finance do a takeover and rule the cryptospace.

The question for us will be if we would want to use JP Morgan cryptocoin exchange or be forced to hehehe.

[GateioExchange]

BlackRock is suddenly “HODL 4 life” or is it a secret agenda?  In this quick fun video, we analyze the situation,
https://www.youtube.com/watch?v=HtPEozss1BQ

[Ayers]

Why are these traditional financial insititutions beginning to enter the cryptospace despite being in the middle of Gensler's crackdown? It is not only BlackRock and Fidelity entering. Citadel Securities and Schwab's EDX cryptocoin exchange has begun their operation. Deutsche Bank has applied for a digital currency license.

It will not be shocking if there was really a consipracy against Binance, Coinbase and the others to have traditional finance do a takeover and rule the cryptospace.

The question for us will be if we would want to use JP Morgan cryptocoin exchange or be forced to hehehe.

You are very fast, I also just saw this question on one of my local forums. It could be said that everything coincided in an unusual and suspicious way. Apparently, everything the SEC does has a bigger purpose behind it, and it's almost clear now. After the crackdown on Binance and Coinbase, the major Wall Street players have officially entered the crypto market. The entry of financial giants into the market is a positive for the market and shows its potential, but your question is also one that deserves attention, and I don't think we'll have a choice.

[YUriy1991]

That's right, Fidelity Investments, which manages over $4.2 trillion in assets, is preparing to launch a Bitcoin ETF and make a bid to acquire Grayscale. My view is that their position of influence within the financial industry, especially with their extensive resources and expertise, has the potential to have a significant impact on the cryptocurrency market if their proposed Bitcoin ETF is approved.

I am here only looking at it from the perspective of Market Legitimacy and Increased Accessibility. In my opinion, the entry of well-known asset managers like BlackRock and Fidelity into the Bitcoin ETF space adds credibility to the cryptocurrency market. That means their involvement can bring in more traditional institutional and financial institution investors, leading to increased adoption and acceptance of cryptocurrencies making it easier for retail investors to gain exposure to cryptocurrencies.

ETFs are a popular investment vehicle due to their simplicity and accessibility, potentially opening up the crypto market to a wider range of investors although the Securities and Exchange Commission (SEC) is also wary of approving Bitcoin ETFs citing concerns over market manipulation, storage, and investor protection. I think that's the SEC's job on this.

[Husires]

I have heard a lot of news about Fidelity and BlackRock for more than 3 years, and with every news related to the ETF, the analyzes begin, which quickly disappear with every postponement, to come back again with every news. and with the conditions that the market is going through, the need to invest in new high-risk assets does not seem attractive to the regulatory committees, so it is inevitable that we will witness any approval of any ETF soon.

If you search the forum for a Bitcoin ETF, you will find annual analyzes, and many of these analyzes are optimistic annually.

[davis196]

With all this catastrophic litigation against Binance and Coinbase and a legal battle against Greyscale by none other than the SEC, two asset managers Blackrock and Fidelity are applying for their own Bitcoin ETFs. (Source).

Why do you have to link the Binance/Coinbase "legal battles" with these ETF proposals?
There's nothing that links Binance/Coinbase with Blackrpock and Fidelity.
By the way, AFAIK there's a settlement between Binance and the SEC, so I wouldn't call the Binance case a "catastrophic litigation".
I couldn't care less about Bitcoin ETF news anymore. The year is 2023, not 2017. The Bitcoin community shouldn't care about all Bitcoin ETF proposals, that are coming from here and there.
I don't want to comment the conspiracy theories about the US government wanting to take control over the crypto industry via Blackrock.
There's not enough evidence proving such theory.

[aoluain]

I see that some people are vehemently against this, I see it as more the merrier.

Even if they are not good investment products for people, at a surface glance it shows others that Bitcoin can be a good investment.

Some people don't agree with BTC being investment but rather it should always be used for trade or something else that is more of an individual view.

I am a firm believer in not your keys not your coins, but and this is a big important *but* there are many people that don't have a clue about technology don't have a clue about investing and a host of other things. They could be brilliant pilot or and amazing auto mechanic or any of hundreds of other occupations, yet they could barely get to Chase to do their online banking. For them, having to explain how to them do it properly is probably more daunting than figuring out how to remove your own appendix.

With products like this, all they have to do it put in some money and click buy.

-Dave

I would probably be of the same thinking as yourself.

With a Bitcoin ETF being a possible investment tool it can mean an easier route into
Bitcoin investing for people who otherwise wouldnt or dont want to have to learn
all the technicalities of owning it outright.

There will always be pure Bitcoiners and some who like and ETF fund are prepared
to HODL long term.

So yea "the more the merrier"

[pakhitheboss]

This might sound like conspiracy, but this is what I feel about this news. The government and the SEC want to control the flow of Bitcoin and this is the strategy that they came out with. Through these ETFs both these companies would try to wipe out exchanges from the US. As of now, the government is unable to track transactions happening between Exchanges and wallets. After the ETFS of both these companies is approved the government would compel its citizens to invest in Bitcoin through the ETF, for that they need to fill in all the details on a paper. Through those papers, they would be able to track Bitcoin and gain control over it.

To support my theory that exchanges would shut shop in the US. I would like to ask why SEC is backing up the Prometheum exchange. I had never heard of this exchange in the past. I came across this name 4 days back when I read this article. Everything about this exchange looks suspicious is grows more when SEC is backing it.

As suspected first fidelity files for ETF and now it is part of a new exchange. SEC playing it game behind this big announcement. My conspiracy theory is no more a conspiracy now. It is gradually becoming a reality and it won't be much longer when everything gets revealed on main stream media.

[Crypt0Gore]

Let's hope that at least one gets endorsed this time around, I have been hearing about ETF endorsement for year's and none ever became a reality, so that's why I am not going to take this very serious, it could be a dead end on the long run.

If at least an ETF gets authorized, it will be an enormous effect for Bitcoin and the entire crypto space and honestly, I will considered this year investors as the lucky ones because the sound of 'getting into crypto investment very early' will make even more sense right now, as many money we've never seen before will enter into the crypto market.

What we have left now is the hope, I do hope this won't be a time wasting hope wishing all over again.

[cryptoaddictchie]

Rumors or not. I guess this is a good indicator of bullish market for bitcoin and crypto market. Also it seems the headline about sec and binance are startee to become blur and it didnt go their ways.

With the upcoming good news, people anf more institutions would not be hesitant now to pour some funds on crypto. Plenty of newd about legality still a better market noise for crypto market it is.

[bbc.reporter]

Why are these traditional financial insititutions beginning to enter the cryptospace despite being in the middle of Gensler's crackdown? It is not only BlackRock and Fidelity entering. Citadel Securities and Schwab's EDX cryptocoin exchange has begun their operation. Deutsche Bank has applied for a digital currency license.

It will not be shocking if there was really a consipracy against Binance, Coinbase and the others to have traditional finance do a takeover and rule the cryptospace.

The question for us will be if we would want to use JP Morgan cryptocoin exchange or be forced to hehehe.

You are very fast, I also just saw this question on one of my local forums. It could be said that everything coincided in an unusual and suspicious way. Apparently, everything the SEC does has a bigger purpose behind it, and it's almost clear now. After the crackdown on Binance and Coinbase, the major Wall Street players have officially entered the crypto market. The entry of financial giants into the market is a positive for the market and shows its potential, but your question is also one that deserves attention, and I don't think we'll have a choice.

Yes, I hope everyone uses their brains and should speculate that the SEC under uncle Gary is really acting dishonestly. They regulate the cryptospace through enforcement of unclear rules. The exchanges ask what are the rules to clarify, however, the SEC cannot or will not give them an answer. This is a very head shaking situation because the consumer which the SEC was supposed to protect is financially affected everytime they announce something about the crackdown.

[Husires]

Yes, I hope everyone uses their brains and should speculate that the SEC under uncle Gary is really acting dishonestly. They regulate the cryptospace through enforcement of unclear rules. The exchanges ask what are the rules to clarify, however, the SEC cannot or will not give them an answer. This is a very head shaking situation because the consumer which the SEC was supposed to protect is financially affected everytime they announce something about the crackdown.

I don't see any other detailed motives about what happened. The whole thing is that the SEC does not want the US investor to be exposed to this type of asset at the present time, and what accelerated these things is the huge losses that investors suffered in the year 2022, not to mention the FTX crisis, so they are trying to extract any A platform that could collapse in the future or be managed with many doubts. Try to read what is happening as Blackrock paves the way belied by crypto small market cap.

[bbc.reporter]

Rumors or not. I guess this is a good indicator of bullish market for bitcoin and crypto market. Also it seems the headline about sec and binance are startee to become blur and it didnt go their ways.

With the upcoming good news, people anf more institutions would not be hesitant now to pour some funds on crypto. Plenty of newd about legality still a better market noise for crypto market it is.

Agreed. 1 spot ETF approval would cause more spot ETF approvals and this will certainly give institutions who control billions in pension funds and retirement funds some exposure to bitcoin.

Also, remember the pump that occured on March 12? Much of this was CZ's $1 billion conversion of Binance's BUSD holdings into Bitcoin, Ethereum and Binance BNB token. Approve 5 ETFs and I reckon there would be 5 pumps similar to CZ's March 12 pump hehehe.



Given the changes in stable coins and banks, #Binance  will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC , #BNB  and ETH. Some fund movements will occur on-chain. Transparency.

Source https://twitter.com/cz_binance/status/1635131601884700674

[YUriy1991]

Rumors or not. I guess this is a good indicator of bullish market for bitcoin and crypto market. Also it seems the headline about sec and binance are startee to become blur and it didnt go their ways.

What is certain is that this is still in the public spotlight as well as the crypto market where it seems that the SEC still does not have enough strong evidence that Binance US is abusing customer assets and breaking the law with BAM Trading. Whether it is final or not, only the SEC knows.

With the upcoming good news, people anf more institutions would not be hesitant now to pour some funds on crypto. Plenty of newd about legality still a better market noise for crypto market it is.

At least the progress of ETFs approval is already showing results. If I read in the news, Hong Kong's largest bank, HSBC has now given the green light for customers to trade Bitcoin and Ether ETFs listed on their stock exchanges, at least Bitcoin ETFs have had a positive impact on the crypto market at the moment.