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    The real meaning of BlackRock's entry into the crypto market

    BlackRock, the world's largest money manager, is entering the Bitcoin market and it will change everything. Just last week they officially filed for a spot bitcoin ETF and it has taken the financial market by storm. Most experts are already predicting that their proposal will be accepted, officially making them the first company to have a spot bitcoin ETF in the US. Although most investors are excited about this development, as the Spot ETF has long been predicted to be the catalyst that finally sends the price of Bitcoin over $100k. Especially if Blackrock gets the ETF.

    However, there is something much more important going on behind the scenes that is much more important than the actual spot ETF. This is the real meaning of BlackRock's entry into the Bitcoin market.

    It wasn't that long ago that the CEO of BlackRock publicly called Bitcoin a "money laundering index." In just a few years, his opinion changed from that, all the way to his company applying for a spot bitcoin ETF. What caused this change?

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    In the past few years, we have experienced unprecedented events. Covid and the money printing that followed changed everything. Suddenly, we went from a situation where the dollar reigned supreme to a scenario where even the head of the US Treasury has openly stated that he can see that the dollar will not be the world's reserve currency in the near future. 

    The truth is that people who have been holding cash for the past few years have only seen their purchasing power swell. The dollar is collapsing and appears to be on its last legs. 

    BlackRock already knows this.

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    To understand how important BlackRock's foray into Bitcoin is, you first need to know how powerful they are. The reality is that BlackRock is on par with the government and maybe even above them. They are kingmakers with the power to get people elected, replaced, and enforce laws. What BlackRock wants, they get. 

    While they are powerful, they are also incredibly respected in the financial sector. They don't do anything impulsively or on a hunch. Their every move has a purpose and they never do anything without already knowing the outcome. They have the best connections and are the best informed. 

    The timing of BlackRock's application for their Bitcoin ETF is even more interesting. Why would any company apply for a Bitcoin ETF after the SEC and Gary Gensler seem to have turned the crypto market into enemy number one?

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    The reality is that BlackRock knows something we don't. Perhaps they know Grayscale will win its case against the SEC. Or maybe they know that the Biden administration will become more lenient on the crypto market. There's also a chance that BlackRock sees Bitcoin as the future, has become a fan of it, and is fed up with recent SEC regulations against it. They know how important this market will be in the future and that the US cannot afford to push this industry overseas. 

    By applying for the Spot Bitcoin ETF, they essentially told the SEC and Gary Gensler to stop what they were doing. And now the real games will begin.

    The approval of BlackRock's Spot Bitcoin ETF will be an incredibly bullish time for the market, possibly sparking another rally. But there's something going on behind the scenes that we all need to pay attention to.

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    Sourcejohnwege

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