Larry Fink argued that the sudden rise of Bitcoin is like a “flight to freedom” and a “repressed” interest of people in cryptocurrencies. The BlackRock CEO revealed that he had “only heard about that rumor” of an approval of his ETF an hour before his television appearance. Ark Invest CEO Cathie Wood explained that they are exchanging information with the SEC about their ETF, but “there is nothing else at the moment.”
BlackRock CEO Larry Fink stated that Bitcoin’s (BTC) sudden rally in just a few hours only demonstrated the “pent-up” massive interest in cryptocurrencies. Fake news on the morning of October 16 caused BTC to go from $27,678 to $30,000, although the hype only lasted a few hours.
During his appearance on a Fox Business News program, the BlackRock CEO revealed that he had “only heard about that rumor” an hour before his television appearance, but that he was not familiar with the rumor. Furthermore, he explained that Bitcoin’s momentary rally was a “flight towards quality.”
BlackRock CEO: “Rally Shows Need for Bitcoin in the Market.”
On the morning of October 16, rumors emerged about an apparent approval of the first Bitcoin Spot ETF in the United States catapulted the price of BTC to $30,000. However, journalists began to deny the rumor hours later and Bitcoin returned to levels of $28,150.
During his participation on Fox News, Larry Fink did not delve into his Bitcoin Spot ETF application, whose review is postponed by the United States Securities and Exchange Commission (SEC). The BlackRock CEO pointed out that the cryptocurrency mini boom only showed the need for cryptocurrencies.
The BlackRock CEO noted the following on television:
“This rebound goes far beyond rumors. This is a flight towards quality, with all the problems related to the Israeli war and global terrorism. There are more people running toward a flight to quality, whether it’s Treasuries, gold, or cryptocurrencies, depending on how you think about it. “Cryptocurrencies will play that kind of role, as a flight to quality.”
In late September, the SEC announced that it was once again postponing a decision on Bitcoin spot ETF applications from major financial giants BlackRock, Valkyrie, and Bitwise. The SEC’s decision arose from concerns about possible fraudulent and manipulative practices.
Ark Invest CEO: “No Response from the SEC on Bitcoin Spot ETF Approval”
The CEO of BlackRock was not the only one to speak out about the sudden rise in the price of Bitcoin. Ark Invest CEO Cathie Wood explained that they are exchanging information with the SEC about their ETF, but “there are no further developments at the moment.”
In an interview with CNBC, Wood admitted that the SEC could approve several ETFs “at once” in the first weeks of 2024:
“Our proceedings with the SEC are raising hopes for an ETF. Last week it was published and revealed that we had responded to the SEC’s request for information about our Bitcoin filing, and we did respond. That’s basically all we can say.”
Days ago, JPMorgan successfully completed its first collateral settlement using blockchain technology. This milestone was achieved through its Tokenized Collateral Network (TCN). Converted BlackRock Inc. shares into digital tokens for over-the-counter derivatives trading with Barclays.
By Leonardo Pérez
