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BlackRock CEO Larry Fink recently made his first public appearance after the world’s largest money manager filed its application for a spot Bitcoin ETF with the SEC. During the Fox interview, Larry was surprisingly open-minded and positive about bitcoin, blockchain, and cryptocurrencies in general. He had a negative rating on cryptos for years.
According to Fink, Bitcoin should be considered digital gold. In addition, it is an “international asset” that could act as a global store of value. To this day, gold is considered a safe, crisis-proof investment, mainly to protect against inflation. Fink believes Bitcoin can serve a similar function. In addition, cryptocurrencies provide more security and help people protect themselves against the difficulties in their countries with their individual currencies.
— Michael Saylor⚡️ (@saylor) July 5, 2023
Another advantage of Bitcoin: It is stateless and untethered. According to Fink, Bitcoin is an international commodity that is not restricted by national borders. No jurisdiction applicable. Anyone with an internet connection can access and participate in the Bitcoin network. It is therefore an attractive investment to protect against geopolitical risks and currency fluctuations.
Where did the change of heart come from?
If Larry Fink wasn’t talking about Bitcoin like that, BlackRock’s filing with the SEC would be meaningless. Still, it’s remarkable how much the CEO of the world’s largest wealth manager has changed his mind. When asked why Fink is no longer a skeptic, he replied that Bitcoin was mainly used for illegal activities. But now Bitcoin is more accessible and can be used for other things. However, Fink does not hold Bitcoin itself, he said.
In the eyes of institutional and traditional investors like Larry Fink, the crypto sector is starting to change and mature. More and more classic investors are interested in Bitcoin and other cryptocurrencies, but they don’t want to deal with exchanges and wallets. For his part, a Bitcoin ETF like BlackRock is also a sign that Bitcoin has reached the middle of the “ordinary” people. They are not interested in the fact that they don’t have a real BT and they don’t have their own bank.
Regulatory certainty is also important to traditional investors. The volatility of cryptocurrencies has put a lot of people off. A regulated ETF, approved by the SEC, means you have your money safely invested here. However, it is not certain whether the crypto market will behave less volatile as a result.
Still, if the SEC were to approve the Spot Bitcoin ETF, new money would be flushed into the crypto market. The consequences of this are unpredictable. It is also still uncertain whether the SEC will accept the filing. Chances are good, after all, BlackRock has approved almost every request so far. A rejection would cause the price of Bitcoin and the entire crypto market to fall into the abyss. The all-time highs BTC price could reach in the future if the proposal is accepted is still pure speculation.
This meme base could also aim high
This may be the last chance to get into Bitcoin relatively cheap. Most investors lost big in the years between 2009 and 2016. Therefore, investors who are willing to take risks are looking for other opportunities to get into cryptocurrencies for free.
Presales offer another opportunity to get cryptocurrency early at a cheap price and take advantage of the potential price gains. One such opportunity is the Wall Street Memes Token (WSM) presale.
Wall Street Memes is a meme base based on the GameStop stock fiasco. At that time, especially young traders were trying to get one over the institutional investors and make a profit for themselves. They got together on a Reddit subforum called Wall Street Bets.
Loosely based on this, many other communities emerged, such as WSM. Wall Street Memes uses humor and memes to spread its message. WSM Coins can currently be purchased for USD 0.031 with Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and credit card.
Last updated on July 6, 2023
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Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.