The beleaguered crypto world finally got some good news. After weeks of the most intense regulatory crackdown in history came the news that BlackRock—the biggest asset manager in the world—is pushing further into crypto with an application to run a Bitcoin ETF. This is a potential game changer for the industry and a development that, for a day at least, changes the doom-and-gloom narrative for crypto.
If approved, the ETF could open the door for pension funds and other conservative institutions—many of which are subject to bylaws restricting what assets they can hold—to add Bitcoin shares to their portfolio. This would, in turn, add additional diversity and liquidity to the market, and likely goose the price of Bitcoin and other crypto assets.
