So Blackrock could be the driver of the next Bitcoin bull market?
In my opinion, Blackrock may or may not start the Bitcoin bull run that we have all been waiting for but it will surely be one of those catalysts to kickstart the bull because since the news came out yesterday that Blackrock the world's largest asset manager filed for a Bitcoin ETF, the price of Bitcoin has been pumping like crazy, which is due to the positive sentiment and people's reaction to the Blackrock news about filling Bitcoin ETF.
This move by Blackrock could lead to high institutional adoption of crypto, which will be good for Bitcoin and Crypto at larger. But the sad truth is that BlackRock just joined the dozen of other companies who have already filed for Bitcoin spot ETF, I am talking of the like of Valkyrie Investments, First Trust/SkyBridge, VanEck, NYDIG/Stone Ridge, Galaxy Digital, Fidelity/Wise Origin, Kryptoin, Ark Invest, Global X, One River, Invesco Bitcoin ETF, Grayscale just to mention a few. In my opinion, Bitcoin will have a bull market or bull run based on its unique properties and dynamics. So who drives or ignites the next bull market would not really end up mattering very much as long as it happens. And I believe the next bull run pump is inevitable.
Although a lot of people think they were the reason behind the recent SEC witch hunt on the crypto market that drew the price of Bitcoin and the crypto market under, I doubt that though. But speaking of SEC, Blackrock, and the Crypto market. I think there will be a lot of attention on the united states SEC right now given enforcement actions and witch hunts against the crypto space as of late. If BlackRock does not get the Bitcoin spot ETF, that could really put the SEC in a position where they will really have to explain themselves and why they are being so aggressive on the crypto market.
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