Bitcoin ETF could democratize crypto: BlackRock CEO

Fink also proposed that investors may use Bitcoin as a hedge against inflation or currency depreciation.

The CEO had earlier batted for the decentralized nature of the crypto industry. When FTX collapsed in November 2022, he reasoned that FTX failed because it created its native centralized token. This, according to him, was in complete contrast with the “whole foundation of what crypto is.”Will the SEC approve BlackRock’s Bitcoin ETF application?

Under Fink’s leadership, BlackRock tried to begin a spot Bitcoin ETF with cryptocurrency exchange Coinbase acting as a surveillance partner. We do not know if thewill approve it as of the time of writing, given that the regulatory body has rejected all previously filed applications so far. BlackRock is the world’s leading asset management company. It had more than $9 trillion in assets under management, BloombergBlackRock and other asset management firms filing for spot Bitcoin ETFs have led to a BTC price rally. At press time, BTC was trading above $31K, reflecting a modest rise of 1.5% in the previous 24 hours.

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