BlackRock's Big Bitcoin Bet

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In this video, I discuss BlackRock's new Bitcoin trust application, the odds of it getting approved by the SEC, and what it means for the Bitcoin ecosystem.

Even though this product is packaged as a trust, it will have daily creation and redemption of units, which means that it should never trade at a significant premium or discount to Bitcoin itself-- unlike GBTC.

This is the real deal, and it may be yet another catalyst for massive capital flows into Bitcoin.

In the next bull market, don't be surprised to see Bitcoin outperform everything else. Liquidity and high market cap beget even more liquidity and a higher market cap, as we have seen with FAANG stocks for the past decade.

Fortunately, the fact that Bitcoin is proof of work means that owning more coins will NOT give BlackRock additional power over the protocol.

Not so for proof of stake protocols like Ethereum, which could easily become captured and controlled by a BlackRock ETF.

Not investment advice! Consult a financial advisor.

BlackRock used to hate Bitcoin:
https://www.cnbc.com/2017/10/13/blackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html

First they fight you, then they join you:
https://www.cnbc.com/2022/08/11/blackrock-launches-a-private-trust-to-give-clients-exposure-to-spot-bitcoin.html

BlackRock Bitcoin Trust:
https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm

SPDR Gold Trust:
https://www.spdrgoldshares.com/media/GLD/file/GLD_Prospectus_10042022_as_filed.pdf

BlackRock is an arm of the Fed:
https://www.wsj.com/articles/federal-reserve-taps-blackrock-to-purchase-bonds-for-the-government-11585085843

BlackRock:
https://en.wikipedia.org/wiki/BlackRock

BlackRock will be using Coinbase Custody for the product:
https://www.theblock.co/post/235056/blackrock-takes-giant-leap-toward-spot-bitcoin-etf-with-sec-filing

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#Blackrock
#etf

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