- Survey reveals 96% of professional investors managing almost $5 trillion are keen to invest in crypto.
- BlackRock’s bitcoin ETF filing and interest from institutional investors spark a rally in the crypto market.
The world of cryptocurrencies, including Bitcoin and Ethereum, experienced a significant shakeup last week with the announcement that BlackRock, the largest asset manager globally, is exploring further involvement in the crypto space. The news of their exchange-traded fund (ETF) filing resulted in a surge in the Bitcoin price, leading to a broader rally across the crypto market. This development coincided with bullish predictions of rapid price increases.
In addition to BlackRock potentially opening up its near-$10 trillion assets under management to the crypto market, a survey conducted by Laser Digital, the digital assets subsidiary of major banking giant Nomura, revealed that 96% of professional investors managing approximately $5 trillion are eager to invest in cryptocurrencies.
The comprehensive study conducted by Laser Digital highlighted that institutional investors recognize the role of digital assets within the investment management landscape. These investors see the benefits that crypto can bring, such as portfolio diversification. Jez Mohideen, CEO of Laser Digital, emphasized the positive outlook on digital assets expressed by the surveyed professionals.
The survey included 303 professional investors who collectively manage $4.95 trillion in assets. Results revealed that 82% of the participants had a positive outlook on both Bitcoin and Ethereum. Furthermore, 88% stated that they or their clients were considering investing in cryptocurrencies.
Meanwhile, BlackRock’s recent request for the approval of a spot Bitcoin ETF with Coinbase as its custodial partner has revitalized the crypto industry. This move comes at a time when the U.S. Securities and Exchange Commission (SEC) has been intensifying its regulatory scrutiny of the crypto space. The interest shown by BlackRock, as the world’s largest asset manager, indicates a growing demand for exposure to Bitcoin among its clients, which include major institutions.
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Alex Adelman, CEO of Bitcoin rewards app Lolli, believes that BlackRock’s actions are a harbinger of a new wave of institutional Bitcoin-related financial products. He anticipates that other Wall Street leaders will swiftly follow suit.
While there are some doubts about whether BlackRock’s proposed Bitcoin ETF will generate enough demand to significantly impact the market, the involvement of a firm managing such a substantial amount of capital could unlock substantial liquidity. The success of a spot ETF could create a surge of liquidity in the Bitcoin market. However, certain caveats accompany BlackRock’s proposed product, including the inclusion of surveillance data sharing to prevent market manipulation.
This condition may raise concerns among Bitcoin proponents who prioritize the decentralized nature of the asset but could be necessary to bring such a product to market.
As the crypto market continues to evolve, the interest from institutional investors and the potential for new financial products indicate a growing acceptance and adoption of cryptocurrencies in the mainstream financial landscape.
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