Bitcoin
BlackRock (BLK) Sees Sovereign Wealth Funds (SWF) and Pensions Coming to BTC ETFs
Don’t be fooled by the first breakout of inflows into spot bitcoin exchange-traded funds (ETFs) after 71 days in a row. The current lull will likely be followed by a new wave of a different type of investor, said Robert Mitchnick, head of digital assets at BlackRock, the world’s largest asset management firm.
In the coming months, financial institutions such as sovereign wealth funds, pension funds and endowments could begin trading spot ETFs, Mitchnick said in an interview. The company is seeing “a restart of discussion around bitcoin,” which revolves around the topic of allocation to bitcoin (BTC) and how to think about it from a portfolio construction perspective.
“Many of these interested companies – whether we’re talking about pensions, endowments, sovereign wealth funds, insurance companies, other asset managers, family offices – are having ongoing due diligence and research conversations, and we’re playing a role from an education standpoint. ,” said Mitchnick. And the interest isn’t new: BlackRock has been talking about bitcoin to these types of institutions for several years, he said.
Pent-up demand for the long-awaited ETFs has seen more than $76 billion accumulated in these products since their approval in January. So far, some registered investment advisors (RIA), a reasonably sized subset of wealth advisors, are already offering the BlackRock IBIT ETF, but only on an unsolicited basis. The next step is expected to be the unrestricted offering of bitcoin ETFs to clients of large wealth advisory firms. like Morgan Stanley.
Much social media focus has been on the ETF assets under management (AUM) horse race, and in particular the comparison between IBIT and Grayscale’s GBTC, which could be considered a holder because the existing BTC fund was elevated to an ETF. At last count, IBIT stood at US$17.2 billion and GBTC at around US$24.3 billion.
A portion of IBIT’s current assets come from Grayscale Replacements. Other sources could be outflows from higher priced international products in Canada or Europe, and some of these come from bitcoin futures ETFs being recycled into spot products.
There are also bitcoin holders who prefer to hold the cryptocurrency in a brokerage account and not have to worry about custody, tax reporting complexities and other challenges associated with holding bitcoin on an exchange, Mitchnick said. And while becoming the largest spot bitcoin ETF would be an impressive milestone, BlackRock isn’t really focused on that competition so much as educating its clients, he said.
Black stone asked for an ether (ETH) ETF in November last year, followed by CEO Larry Fink talking about the potential of tokenization, the representation of traditional assets on blockchains.
But an ether ETF raises the question of how BlackRock would go about educating clients, given the complexity of the Ethereum blockchain ecosystem. Furthermore, why would investors want exposure to another crypto ETF if their portfolios’ Sharpe ratios had already been boosted by a spot bitcoin ETF? The index measures the return on an investment adjusted for its risk.
“When we think about this space, we see the potential for digital assets to benefit our clients and capital markets, with a focus on three areas: cryptoassets, stablecoins and tokenization,” said Mitchnick. “And these pillars are all interrelated. This is something very important for people to understand. And the work we do in each of them informs our strategy and our insights for the others.”
UPDATE (May 2, 12:45 UTC): Change “probably see” to “could see” in the second paragraph.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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