Bitcoin
BlackRock Exec Predicts Flood of Institutional Money in Bitcoin ETFs – TradingView News
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Robert Mitchnick, head of digital assets at BlackRock, anticipates a new wave of investment in bitcoin ETFs, especially from large financial entities such as sovereign wealth funds, pension funds and endowment funds.
Mitchnick’s prediction comes despite a recent pause following consistent inflows into spot bitcoin ETFs for 71 days. Regardless, the BlackRock executive suggested: “The current lull will likely be followed by a new wave of a different type of investor.”
In an interview, Mitchnick shared insights into the renewed dialogue around Bitcoin, saying: “A lot of these interested companies – whether we’re talking about pensions, endowments, sovereign wealth funds, insurance companies, other asset managers, family offices – are doing ongoing due diligence. and research conversations, and we are playing a role from an educational standpoint.”
BlackRock’s Strategic Expansion into Digital Assets: Highlights Bitcoin and Ethereum ETFs
Since their approval earlier this year, spot bitcoin ETFs have seen significant interest, with more than $76 billion accumulated in these products. BlackRock’s bitcoin ETF, IBIT, has notably accumulated $17.2 billion in assets. This compares to Grayscale’s Bitcoin Trust, now an ETF that holds approximately $24.3 billion.
The increase in IBIT assets is due in part to Grayscale product transfers, moves from higher-priced ETFs in Canada and Europe, and conversions from bitcoin futures ETFs.
However, Mitchnick emphasized that BlackRock is not only focused on becoming the leading provider of spot bitcoin ETFs, but prioritizes client education and comprehensive asset management. Additionally, the company is expanding its digital asset initiatives, demonstrated by its recent application for an Ethereum ETF.
This move follows CEO Larry Fink’s enthusiasm about the transformative potential of tokenization, which represents “traditional assets on blockchains.”
However, market experts argue that BlackRock’s potential introduction of an ether exchange-traded fund (ETF) raises the need to educate customers about the Ethereum blockchain. Likewise, investors may question the need for another crypto ETF after adjusting their portfolio’s risk return via the spot Bitcoin ETF Sharpe ratio.
Mitchnick emphasized that BlackRock views digital assets from three critical perspectives. These components are considered interconnected, each informing the company’s strategies and perceptions of the others. “When we think about this space, we see the potential for digital assets to benefit our clients and capital markets, with a focus on three areas: cryptoassets, stablecoins and tokenization. And these pillars are all interrelated.” Mitchnick expressed.
This holistic approach aims to equip clients with a nuanced understanding of effectively incorporating digital assets into their investment portfolios.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
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Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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