BlackRock Files Bitcoin ETF Application, Fidelity rumored to follow suit...

BlackRock, the largest asset management fund in the world, has boldly submitted its application for a spot Bitcoin ETF. Buckle up for an explosive shift in the financial markets once this is likely approved (considering BlackRock boasts an impressive record of 575-1 regarding ETF applications).

In a resounding affirmation of Bitcoin's immense potential, BlackRock has chosen none other than Coinbase Custody as its trusted custodial solution. Considering all of the latest SEC filings, you'd think such a monumental player like BlackRock would pullback on its decision to partner with Coinbase or even delay this announcement... suggesting that all of the recent news could have simply been bells & whistles. This strategic alliance aims to fortify the ETF's security, with Coinbase's spot market data acting as the ultimate beacon of accuracy and reliability, ensuring a rock-solid foundation for pricing.

Here's the twist: The Securities and Exchange Commission (SEC), and watchdog overseeing ETFs in the United States, has played hardball thus far, rejecting every single application for a spot Bitcoin ETF. BlackRock's audacious move to file for a captivating Bitcoin ETF serves as a watershed moment, a thunderclap echoing throughout the industry. As the leader in the traditional financial realm acknowledges the potential of Bitcoin, this news ignites a wildfire of possibility. If this venture receives the SEC's blessings, prepare for an explosion of adoption, granting intrepid investors an unparalleled opportunity to voyage into the crypto market through a regulated and easily accessible investment vehicle.

Mark your calendars, as Bitcoins halving period lines up nicely with the amount of time it will likely take for a decision on this asset application to unfold. The crypto space is on the cusp of an unprecedented revolution, with BlackRock leading the charge into a future where the power of cryptocurrency converges with the the financial elite. Wise investors need to ask themselves, are you ready? Are your bags packed? Because this train isn't stopping for anyone once it gets started. 

The good news doesn't stop there, aside from the BlackRock application rumors are circulating that Fidelity, the THIRD-largest asset manager, might follow suit by applying for a spot Bitcoin ETF and is considering making a bid for Grayscale, a struggling crypto asset manager. The source of this rumor seems to be Andrew Parish, co-founder of Arch Public, who shared it on Twitter. Crypto influencers like Scott Melker and Michaël van de Poppe have also spread the rumor.

According to an anonymous source, Fidelity is reportedly planning a significant move in the crypto markets. Parish tweeted an update stating that Fidelity Digital Assets and Fidelity are preparing to enter the BTC and ETH sectors. The sources suggest that Fidelity could either make an offer for Grayscale or launch its own spot Bitcoin ETF. Both developments are expected to occur soon. It appears that BlackRock and Fidelity aim to dominate the crypto space in the United States.

Fidelity is not new to the world of Bitcoin and cryptocurrencies. As the third-largest asset manager with $4.283 billion in assets under management (AUM), Fidelity established Fidelity Digital Assets (FDA) in 2018, a subsidiary focused on crypto-related endeavors.

These exciting updates makes it clear that there are no more than a few months left in the Bear Market, as institutional players are making their moves. BlackRock and Fidelity wouldn’t apply for a Bitcoin ETF if they weren’t confident it would become approved - and once it is, the market will undoubtedly explode. Why? Particularly because each share in a spot bitcoin ETF must be backed by physical $BTC. Once a Spot Bitcoin ETF is approved you can almost guarantee a spot ETH ETF will shortly follow and so on into the endless alt coin space. What does this mean? Trillions of dollars will flow into the market at some point in the coming 1-2 years.

BlackRock/Fidelty ETF's + Trillions in Chinese liquidity (Hong Kong) + Billions in Russian liquidity (Sberbank) + US Presidential Elections + Bitcoin's halving is brewing up one hell of a rally for our next bullrun.

The addition of nearly $15T in liquidity from BlackRock & Fidelity alone will certainly double the price of Bitcoin, of course that doesn't mean it will all pour directly into crypto but even if 3% of that found its way into the market it would be monumental. This would equate to roughly $450,000,000,000... which is nearly half of the total crypto marketcap. The market itself fluctuates right around $1 Trillion give or take. If you're not convinced yet, and need further proof of how much of an impact these goliaths can have on the market take a look at Gold ETFs after they were first approved for US markets. I don't think many people realize how big this actually is for the space in terms of adoption, and in terms of liquidity - that being said...

Do you think we'll reach $100k Bitcoin next cycle? Or will the United States successfully kill crypto and prove that its only for "Hucksters, Fraudsters, Scam Artists" as famously stated by SEC chair Gary Gensler.

An even deeper question to consider, how will this effect the space in terms of its stance around decentralization? With players like BlackRock & Fidelity in the picture, one can only assume they'll likely have control over these markets and have significant voting power when it comes to future governance & preferential regulation. 

List of sources:

https://bitcoinmagazine.com/markets/blackrock-nears-filing-bitcoin-etf-application-leveraging-coinbase-custody

https://finbold.com/blackrocks-record-of-etfs-approved-by-the-sec-is-575-1/

https://bitcoinist.com/fidelity-file-bitcoin-spot-etf-us-bid-grayscale/

https://watcher.guru/news/fidelity-allegedly-planning-to-file-for-bitcoin-etf-claims-source