BlackRock, the world's largest asset manager with over $10 trillion in assets under management, has officially filed with the U.S. SEC for a bitcoin spot ETF. There can't be more bullish news than this.
Follow me at #Ernestacademy as I explain what it means.
What does Bitcoin ETF stand for?
A Bitcoin exchange-traded fund (ETF) is a financial product that tracks the price of Bitcoin and allows investors to gain exposure to the cryptocurrency without directly owning it.
What does it mean to file for the Bitcoin ETF?
This refers to the process of submitting an application to regulatory authorities to seek approval for launching a Bitcoin exchange-traded fund (ETF). When a company or organization files for a Bitcoin ETF, they are essentially petitioning the regulatory body to review and consider granting permission for the ETF to be listed and traded on regulated exchanges. This is exactly what the largest asset manager did, and we are waiting for SEC replies.
In Hong Kong, the government urges banks to accept crypto companies as clients. This is just a preview of what's coming, we are gradually entering into an era of massive adoption and bull runs.
What do you think about this bullish news?
Do you think the ETF will be approved?
Share yours in the comment section.
