Bitcoin, Crypto currency, Blockchain

Bitcoin ETF: Blackrock CEO draws grim conclusions about early SEC-promise

Bitcoin ETF: Blackrock CEO draws grim conclusions about early SEC-promise

Home News Bitcoin ETF: Blackrock CEO draws grim conclusions about early SEC-promise

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Marcel Knobloch –
02.11.2018

The approval of a Bitcoin ETF’s by SEC is seen as the Holy Grail, the ongoing downturn in the crypto market to soften and rinse finally new capital in the market. So far, all the applications were rejected by various companies. The CEO of Blackrock does not see the market ready for that yet, and is uncertain to take place whether or not a permit in the near future.

Larry Fink, CEO of Blackrock, power a few months ago, when the rumor emerged that Blackrock will have to enter in the crypto market. At the time, Fink denied all upcoming speculation and confirmed that Blackrock will set up an internal Blockchain Team.

On the New York Times Dealbook conference on 01.11.2018 Fink described that he is uncertain about a positive future of Bitcoin ETF’s. It provides the maturity of the crypto market in question and is of the opinion that the cryptocurrency industry is not yet ripe for such a move (freely translated):

I don’t have the feeling that a government allows the [Bitcoin ETF], if you have no idea of it comes from where the money for tax evasion and all these other problems and moved on.

The Image of Bitcoin was influenced by an area-wide negative reporting often and with the financing of terrorism, money laundering or the Darkweb. The share of actual tax evasion and illegal activities is very low, have recently confirmed a series of public institutions.

Fink, however currencies are not the sole opponents of the Blockchain, but only a sceptic about Crypto. In his opinion, there will be a day one digital currency for global trade, but only if the world is ready for it. Fink and Blackrock are strong Blockchain advocates, as the company has a significant share of xed-rate assets in its Portfolio, and this is a huge Benefit in the Blockchain is to manage these Assets.

The Blockchain holds in many countries, catchment and is increasing in popularity in South Korea, China, Thailand or Singapore. The potential and opportunities of the industry does not go unrecognized, so that a forward end of adaptation screams in many areas of the economy.

The SEC has declined since January of this year, many Bitcoin ETF requests, with the justification that “significant investors are to check safety issues before the sponsors start these funds to private investors.” Whether these reasons are actually durable, or the approval will only be delayed artificially, in addition to remains for the time being, pure speculation. Many experts in the industry expect with the Start of the stock exchange Bakkt or by the approval of a Bitcoin ETF’s in the first quarter of the year 2019, a new Bitcoin Bullrun, and thus growing interest in crypto-currencies in the world. If and when the events actually come to pass remains to be seen.

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