Economist and crypto trader Alex Krüger thinks the BlackRock Bitcoin (BTC) exchange-traded fund (ETF) filing represents one of BTC’s “easiest long participations of the year.”
Last Thursday, BlackRock, the largest asset manager in the world filed a spot Bitcoin ETF application with the US Securities and Exchange Commission (SEC).
Kruger say it’s “incredible” how many traders ignored the ETF news and tells his 154,000 Twitter followers that he has a “gut feeling,” the SEC will approve the investment firm’s filing in 2024.
So far, no Bitcoin spot ETF applications have been approved, despite submissions from Grayscale, VanEck and Cathie Wood’s ARK Invest. The SEC did green light the launch of two Bitcoin futures ETFs in October 2021.
Kruger notes that the price of gold skyrocketed after the approval of his first US ETF, though he cautions that the fund was not the main reason for the jump.
“The first gold-backed ETF in the US, GLD, was launched on November 18, 2004. Gold skyrocketed soon after, rising 318% in seven years.
Keep in mind that the main drivers of gold at the time were monetary policy and inflation expectations; the ETF just made the flows possible.
Bitcoin is trading at $28,748 at the time of writing. The top-ranked crypto asset by market capitalization is up more than 6.5% in the past 24 hours.
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Image generated: Midway through the journey