My post was ready to release then Bitcoin took another big hit, and this, AFTER the SEC approved to open the gates to Wall Street for Bitcoin ETFs. The Zero Hedge article below provides some interesting insight. Pay particular attention to Larry Fink’s comments - you know, the CEO of BlackRock, the largest asset manager in the world.
Bitcoin Bloodbaths, Ethereum Outperforms as BlackRock’s Fink Backs Ether ETF, Zero Hedge, Jan 12 ‘23
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On December 11th this headline hit Zero Hedge. Bitcoin and cryptocurrencies were hit hard.
Within a few days, I saw this article by Nick Giambruno on Doug Casey’s International Man website. For reference, Casey has been writing about money and markets for more than four and a half decades. Anyone reading this piece would quickly realize there was no way bureaucrats in Washington were going to “regulate” a GLOBAL trend of not only form of money, but technology as well. This is one thing I have really begun to understand as I read more about cryptocurrencies and their uses of technology.
So as the SEC stalled and stalled while I read about big money like Blackrock, Franklin Templeton, and Fidelity having applications in for launching their own Bitcoin ETF products, it became apparent that government would not be able to hold back Wall Street.
“Given that there are so many horses in this race,” said Rosenbluth, “you want to come out strong.”
Several firms, including the world’s largest asset manager, BlackRock BLK, have filed regulatory documents to list spot bitcoin ETFs. Typically, once an ETF receives SEC approval, the fund is cleared to launch as soon as the next trading session or in the coming days or weeks, according to Rosenbluth.
Wednesday was not just another day in the markets or another day in cryptocurrencies. January 10, 2024 was the day that Wall Street looked at the trillions in investment accounts of Americans and said, “It’s time to bring cryptocurrencies packaged for retail investors and traders.”
[Source: - Top Assets By Market Cap, as of 1/12/24]
Never stop learning. Back soon.
[One tool I have found of interest in examining the size and scope of this new form of money and technology, is coinmarketcap.com. Check it out.]
Disclaimer: Best Minds Inc was closed in 2018. I am retired. Nothing I am writing should be taken as advice to buy or sell any form of security or asset. Everyone must study and consider their own situation before placing money anywhere, as well as understand they are living in a time where major changes at the highest levels of money are taking place.