Recent Bitcoin (BTC) Rally “An Example of Pent-Up Interest in Crypto” Says BlackRock CEO Larry Funk
The recent rally in the Bitcoin (BTC) market, which saw prices hit two-month highs near $30,000 on Monday following false reports that the US Securities and Exchange Commission had approved BlackRock’s spot Bitcoin ETF application, is “an example of the pent-up interest in crypto” opined BlackRock’s CEO Larry Fink in a Fox Business interview on Monday.
“We are hearing from clients around the world about the need for crypto,” Fink said.
Fink noted that he couldn’t comment on the progress of the spot Bitcoin ETF application.
But he did note that the recent Bitcoin rally could be due to safe-haven demand, citing issues surrounding the Israeli war and global terrorism.
BlackRock, the world’s largest asset manager and a household name on Wall Street, applied to create a spot Bitcoin Exchange Traded Fund (ETF) back in June.
June’s application marked a full reversal in BlackRock CEO Larry Fink’s opinion on Bitcoin.
Back in 2017, Fink had referred to Bitcoin as an index of money laundering, but in 2023 he is now praising the cryptocurrency as having digitized gold.
The SEC has previously rejected all similar spot Bitcoin ETF applications, but BlackRock’s application included a new market surveillance and information-sharing agreement designed to make it easier for the SEC to stamp out any potential market manipulation.
Dozens of other major US financial institutions rushed to file their own copycat applications in the subsequent days following BlackRock’s initial application.
BlackRock and other major firms like Fidelity and Vanguard are viewed as having huge sway over US financial regulators and the government, and rarely submit ETF applications if they don’t feel there is a strong likelihood they will be approved – for this reason,
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