BlackRock CEO surprised by Bitcoin ETF’s explosive growth

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Last Updated on 30 March 2024 by CryptoTips.eu

Over the summer of last year, BlackRock, the largest investment fund in the world, announced that it had filed for a Bitcoin ETF. In other words a fund that would allow ordinary, usually older, investors to purchase Bitcoin through BlackRock without having to open an account on a crypto platform.

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Sell-the-news

The price of Bitcoin has been steadily rising since then as analysts knew that an ETF application from BlackRock would almost always be approved by the SEC (the American stock market watchdog).

When the approval finally came at the beginning of this year, the price of Bitcoin fell by about 20% in a so-called sell-the-news wave. After the largest digital coin found support again, it crept to a new record high of $74,000, which was reached around mid-March.

By now, Bitcoin is once again trading around $70,000.

When asked about the success of their Bitcoin ETF called iBit, BlackRock CEO Larry Fink said this week on Fox Business:

“I am very bullish on the long-term viability of bitcoin.”

“That surprised me how much that’s gone up. I mean, look, we’re creating now a market that has more liquidity, more transparency. And I’m pleasantly surprised. And I would never have predicted it before we filed it, that we were going to see this type of retail demand,” Fink added.

The Fox presenters also asked Fink about the possible launch of an Ether ETF, as there are rumors that this would not be approved by the SEC. The BlackRock CEO declined to comment on that as any conversation about it could get him into legal trouble with the SEC at this point.

He did say that BlackRock’s Bitcoin ETF is their fastest growing ETF ever though.

Stock_Market_Visuals / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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