BlackRock's ETF will play a key role for Bitcoin

The application from BlackRock for a bitcoin ETF may play a key role or make a strong turn in the development of bitcoin with regard to acceptance among institutions. This opinion was expressed by Yassin Elmanjra in an interview with The Block.

What opinion did the expert express

The analyst put forward the opinion that the company's actions to open its own blockchain-based exchange fund says that serious participants see positive progress in the long term for bitcoin.

After BlackRock, other similar organizations, such as WisdomTree and Invesco, also decided to send applications to the SEC office in order to launch bitcoin ETFs. Recall that such companies have already made attempts to implement these solutions two years ago.

At the moment, the agency has not approved any applications. The only exceptions were ProShares and Valkyrie. They were created on bitcoin futures on the Chicago site.

In the fall of 2021, Grayscale sent an application to convert a bitcoin-based trust into a spot ETF. At the beginning of winter, the department postponed this issue, and in the end it did it again. Last summer, Grayscale filed a lawsuit against the agency, as it eventually received a negative reaction.

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