Opinion: BlackRock’s ETF Could Be a Turning Point for Bitcoin

The filing of an application by BlackRock for a spot Bitcoin-ETF could be a significant turning point in Bitcoin’s path to institutional recognition. This was stated by ARK Invest analyst Yassine Elmandjra in an interview with The Block.

In the expert’s view, the company’s decision to launch a spot ETF based on the leading cryptocurrency signals that major players view the digital asset’s long-term prospects positively.

Following BlackRock, WisdomTree and Invesco also filed applications with the SEC to launch a Bitcoin ETF. The organizations had already tried to implement the initiative in 2021.

“While this looks very similar to previous ETF filings, BlackRock worked with Nasdaq to differentiate its proposal with a unique joint surveillance agreement designed to prevent the market-manipulation risk associated with Bitcoin,” noted Elmandjra.

In October 2021, Grayscale Investments filed for the conversion of its digital gold-based trust into a spot Bitcoin ETF. On December 17, the SEC delayed a decision on the application, and in February 2022 again postponed a date on this matter. On June 30, Grayscale filed suit against the regulator after a negative response.

Bitcoin’s price rose above the $30,000 level on June 21, amid news from BlackRock.

The Wall Street Journal editorial board accused the SEC chair Gary Gensler of a “confusing” approach to approving a spot Bitcoin ETF.