After filing to launch the first spot BTC Exchange Traded Fund (ETF), which is now awaiting approval or rejection from the SEC, Blackrock's CEO Larry Fink went to the national US FOX TV channel to talk about Bitcoin and its long-term bullish potential.
“Let’s be clear: Bitcoin is an international asset. It’s not based on any one currency, and so it can represent an asset that people can play as an alternative,” – Larry Fink.
The executive of the world’s largest asset management firm, Fink, claimed that cryptocurrency succeeded at “digitizing” gold but believes the precious metal is less effective in protecting the average person’s wealth against inflation and other economic issues.
In the interview, Fink also addressed the current crypto regulatory environment in the United States. And in that sense, he believes their ETF filling could be an opportunity for regulators to “democratize crypto.” (So, again, I hope you're all ready to be "democratized.")
The prospects of Blackrock's application for the spot Bitcoin ETF are difficult to assess. BlackRock has an almost perfect track record of getting ETFs approved by the SEC. On the other hand, the Commission has an ideal track record, too, having rejected all previously filed spot Bitcoin ETF applications to date.
So the market does not realize how to assess the real prospects of the SEC adopting one of a series of recent Bitcoin ETF applications...
...And in the absence of such evidence, after some period of consolidation under resistance, it is corrected by other catalysts – here, the "hawkish" FOMC minutes were published again.
Nevertheless, the bull flag forming may still be in play, and even if it'll fail, the market still has a decent margin for a healthy correction after a somewhat excessive spike upward – to consolidate near support and continue the uptrend on a more sustainable basis. After all, the 'Great Bitcoin Accumulation' takes some time – by definition, it doesn't happen with the price is moving up only.
Bitcoin's fundamentals are healthy, according to Glassnode, the development of technical capabilities is accelerating, and a bull run is incoming, CZ said in Twitter Space on Wednesday, but it needs time to form a firm basis for a sustainable move.