Sunday, June 16, 2024

Renowned Economist Alex Krüger Highlights BlackRock Bitcoin ETF Filing as a Lucrative Opportunity for BTC Bulls

Renowned Economist and Crypto Trader Alex Krüger Anticipates BlackRock Bitcoin ETF Filing as a Golden Opportunity for BTC Bulls”

In a recent development, BlackRock, the world’s largest asset manager, made headlines by submitting an application for a spot Bitcoin ETF to the esteemed U.S. Securities and Exchange Commission (SEC). Economist and seasoned crypto trader Alex Krüger, renowned for his insightful market analyses, believes that this move by BlackRock presents one of the most favorable entry points for long positions in Bitcoin this year.

Krüger, with a substantial following of 154,000 active Twitter users, expressed his astonishment at the number of traders who seemed to overlook the significance of the ETF news. Sharing his gut feeling, he confidently predicts that the SEC will grant approval to BlackRock’s application sometime in 2024, thereby opening up a world of opportunities for investors.

It is worth noting that while several Bitcoin spot ETF applications, including those from Grayscale, VanEck, and ARK Invest led by Cathie Wood, have been submitted, none have been approved as of yet. However, it is worth mentioning that the SEC did give the green light for the launch of two Bitcoin futures ETFs in October 2021, indicating a growing acceptance of cryptocurrency investment products.

Krüger draws attention to a historical precedent set by the gold market. He highlights how the introduction of the first American gold-backed ETF, GLD, back in November 2004 was followed by a remarkable surge in the price of gold, eventually experiencing a staggering 318% increase over a span of seven years. Nonetheless, Krüger cautions against attributing the entire upswing solely to the ETF, emphasizing that factors like monetary policy and inflation expectations were the primary drivers of gold’s performance, while the ETF merely facilitated the capital inflows.

As of now, Bitcoin is trading at $29,179.96, demonstrating a notable increase of more than 6.5% within the past 24 hours alone. With its impressive market capitalization and positive momentum, Bitcoin continues to capture the attention of astute investors seeking lucrative opportunities in the dynamic cryptocurrency landscape.

Read Also: Bitcoin (BTC) Price Target Revealed by Analyst for September 2025

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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