TL; DR
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BlackRock just filed for an Ethereum Exchange Traded Fund (ETF).
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This is what we are concerned about: Since Gary has refused to publicly acknowledge the validity of Ethereum, just as he has done with Bitcoin, we wonder if we should wait another minute for an ETH ETF to be approved.
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The takeaway: Whether this first application is approved or not, the fact that BlackRock is trying to make this happen is a very positive sign!
Full story
BlackRock just filed for an Ethereum Exchange Traded Fund (ETF).
And like the previously submitted Bitcoin ETF filing, this ETH ETF would essentially allow traders to buy/sell Ethereum on the stock market.
(Reducing the legal/regulatory issues of crypto investing for traders, and attracting a lot of new money).
Here’s what makes us so excited about this:
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Ethereum has a smaller total value than BTC, so it requires fewer investment dollars to move the price.
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Once approved in the US, spot Bitcoin ETFs are expected to raise $14 billion in their first year.
If Ethereum were to do even half of that, the buying pressure exerted by these ETFs alone could push Ethereum to new all-time highs.
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This specific ETH ETF application was created by BlackRock, the largest money manager in the world.
There are rumors that BlackRock generally won’t apply for ETFs unless it has a strong belief that the fund will be approved.
This is what we are concerned about:
SEC Chairman Gary Gensler is relatively supportive of Bitcoin (at least, he hasn’t tried to sue anyone for hosting it on their exchange).
Yet people have been trying to launch a Bitcoin ETF for about a decade, and still nothing…
Since Gary has refused to publicly acknowledge the validity of Ethereum, just as he has done with Bitcoin, we wonder if we should wait another minute for an ETH ETF to be approved.
The takeaway:
Whether this first application is approved or not, the fact that BlackRock is trying to make this happen is a very positive sign!
