The recent moves in bitcoin have been turning heads in the crypto world as well as on wall street, and for good reason. The recent application for a spot bitcoin ETF by industry juggernaut BlackRock (BLK) could vault bitcoin prices substantially higher. Here’s why:
Let’s begin with the regulatory landscape that is setting the stage for all of this. SEC Chairman, Gary Gensler, has been aggressively going after nearly every exchange and cryptocurrency project in the past few months. Despite all these attacks, he has publicly stated that bitcoin is the ONLY crypto asset that is a commodity. There is no regulatory clarity with any other cryptocurrency project. With this definitive clarity, bitcoin is going to be the go-to for those looking for crypto exposure as well as those who wish to stay away from any crypto’s with potential regulatory entanglements. With Gensler’s comments as well as the BlackRock application for a spot bitcoin ETF, prices have surged nearly 28% in just 5 trading sessions!
