Bitcoin’s Big Day: October 17th and BlackRock’s ETF Proposal – What to Expect?

On Sep 5, 2023

October 17th is not just another Tuesday; it marks a potentially historic moment that could reshape the cryptocurrency landscape for generations to come. On this day, the U.S. Securities and Exchange Commission (SEC) is set to render a crucial decision on several Spot Bitcoin ETF applications, with BlackRock’s proposal stealing the spotlight.

Seen a lot of people saying that a spot #Bitcoin ETF won’t move the price up.
The absolute scenes when BlackRock starts pushing #Bitcoin as the solution to the global sovereign debt crisis, wealth inequality, and climate change.
I think most of us are sleeping on the size of… pic.twitter.com/T4dbhCzSkI
— Stack Hodler (@stackhodler) September 5, 2023

BlackRock & Bitcoin: The Dynamic Duo You Never Knew You Needed

Why is BlackRock’s proposal so significant? This isn’t the endeavor of a fledgling startup; it’s the brainchild of the world’s largest asset manager, a heavyweight champion boasting a remarkable 99.8% ETF approval rate. BlackRock’s CEO, Larry Fink, has displayed a growing affinity for Bitcoin, likening it to “digital gold.”

What adds a compelling dimension to this development is Bitcoin’s potential as an Environmental, Social, and Governance (ESG) asset. Michael Saylor, a staunch Bitcoin advocate, may have successfully pitched Bitcoin to Fink as the ultimate ESG investment. ESG represents the trio of factors—Environmental, Social, and Governance—guiding responsible investments in our modern age. Could Bitcoin emerge as the poster child for a new, ethical financial world?

Now, let’s layer on another intriguing element: next year, Bitcoin’s supply issuance is set to be halved. For seasoned crypto enthusiasts, this signals a supply squeeze, a phenomenon that, when coupled with increased institutional interest, transcends the mere notion of a bull run—it becomes a stampede. The approval of BlackRock’s proposal has the potential to unleash a FOMO (Fear of Missing Out) frenzy of unprecedented proportions.

However, BlackRock is not the sole entity venturing up this uphill path. Financial giants like Fidelity and Vanguard are also awaiting their Bitcoin ETF approvals. A nod from the SEC to BlackRock could very well set off a chain reaction of approvals, fundamentally reshaping the cryptocurrency industry.

Analysts are already tossing around substantial figures, with phrases like “Bitcoin to $100,000” echoing through the crypto space. Yet, this is more than just achieving a price milestone; it represents a fundamental shift in how we perceive value, wealth, and perhaps even social structures.

All the pieces are aligning for a potential seismic shift. From major financial institutions to ordinary individuals, all eyes are fixed on the fate of Bitcoin. It is no longer a question of ‘if’ Bitcoin will rise, but rather ‘when.’ And when it does, it promises to be a spectacle that will leave an indelible mark on the cryptocurrency landscape.

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