Recent reports reveal that an enormous sum of money is poised to make its way into the cryptocurrency market very soon. As per a senior ETF analyst at Bloomberg, the approval of BlackRock’s BTC spot ETF could inject around $150 billion into the Bitcoin market within the upcoming one or two years. Check out the details about this below.
BlackRock’s ETF importance
In an interview with journalist Paul Barron, Eric Balchunas emphasized that the approval of BlackRock’s ETF might significantly boost the appeal of the top cryptocurrency among conventional financial advisors.
“If you have a BlackRock ETF, that’s primetime.”
He continued and said the following:
“I mean we have a saying on the team that BlackRock and Vanguard ETFs are the new IBM, and what I mean by that is if you’re a 65-year-old financial advisor, and you were a broker 30 years ago, it used to be said that you could never get fired for buying IBM. It’s just too good, [an] all-American company, none of your clients are going to be like, ‘What did you get me into?’ Now, you can’t get fired for buying a BlackRock or Vanguard ETF. It’s just too good a deal. It’s just too bulletproof.”
Balchunas’ forecast of $150 billion is based on the value of gold ETFs and the total sum of money overseen by financial advisors in the US. According to him, gold ETFs account for about $150 billion.
Moreover, financial advisors and wealth managers have approximately $30 trillion under management for affluent baby boomers in America. If only 0.5% of this amount is invested in gold ETFs, it would translate to a total investment of $150 billion as the online pubcalition the Daily Hodl notes.
In other recent news, a new initiative has been launched by the Bank of International Settlements, in collaboration with the Central Bank of the UAE and the Emirates Institute of Finance, to promote sustainable finance solutions. You can check out the details about the matter in our previous article.
