The rush for Bitcoin ETFs. After having studied the influential crypto personalities on the side of Bitcoin and Ethereum, here we are now brought together for the third opus of our series on the crypto personalities of the year 2023. Today it’s time for those whom the media have nicknamed the titans of Wall Street. The latter, despite the calm reigning over the price of cryptocurrencies, have not gone unnoticed this year.
In 2023, the titans of Wall Street have had a profound impact on the world of cryptocurrencies, particularly through their growing interest in Bitcoin ETFs. The likes of BlackRock’s Larry Fink and ARK Invest’s Cathie Wood have taken leading roles, while other influential companies have also joined the race, revealing massive institutional investor interest in the cryptocurrency queen.
Spot Bitcoin ETF: BlackRock and Larry Fink lead the pack
Larry Fink, CEO of BlackRock, has boosted interest in spot Bitcoin ETFs in 2023.
Fink highlighted the role of BTC and cryptocurrencies in the investment strategy in times of geopolitical turbulence and was able to tirelessly extol the merits of this investment despite the crypto winter and American regulation.
First in the Bitcoin ETF race, Fink’s statements have continued to heat up the bear market. Among these shocking declarations for the established order in the USA, we will remember the one from this summer on CNBC:
“ Cryptos are international assets that transcend currencies. (…) We believe we have a responsibility to democratize investment. We have done a good job so far. The role of ETFs (exchange-traded funds) in the world is to transform investing, and we are only at the beginning. »
Larry Fink, CEO of BlackRock
Bitcoin: the new credo of Cathie Wood of Ark Invest
Cathie Wood, CEO of ARK Invest, has also distinguished herself in the field of Bitcoin ETFs.
On the one hand, ARK Invest’s sale of GBTC shares marked a significant strategic shift in their approach to crypto investments, as also demonstrated by the filing for a spot Bitcoin ETF for Ark Invest. The objective? Capitalize on the growth of cryptocurrencies.
Cathie Wood anticipated simultaneous approval of multiple Bitcoin ETFs by the SEC, which could transform public perception of cryptocurrencies.
A finance veteran, this experienced investment sees in the first crypto an ally for the future of the economy.
“For me, the problem is – even though SEC teams know a lot [sur les cryptos]and they are as good as I think they are – it was much more Gary Gensler who got in the way. I’m not sure, because they could never say such a thing. (…) I just know, from the discussions we’ve had with them about Bitcoin, that they really understand it, and they understand the merits of it. (…) I think Gary Gensler’s personal Vietnam is haunting him. I think that [le reste de] the SEC is changing its mind. »
Cathie Wood – Source
The Wolves of Wall Street Awaken
In addition to BlackRock and ARK Invest, several other Wall Street firms have shown strong interest in Bitcoin ETFs:
- Goldman Sachs : This investment bank has been exploring options to offer its clients Bitcoin-related products, potentially including ETFs.
- JP Morgan Chase : The bank has also shown an interest in cryptocurrencies, considering Bitcoin ETFs as an investment opportunity for its clients despite the sometimes anti-crypto remarks of its boss.
- Morgan Stanley : As one of the first major banks to offer access to BTC funds to its wealthy clients, Morgan Stanley has also expressed an interest in Bitcoin ETFs.
So why such a rush on spot Bitcoin ETFs? Because Bitcoin spot and futures ETFs constitute two different approaches to investing in BTC via traditional markets. Spot ETFs track the current price of BTC, allowing investors to directly access the cryptocurrency, while futures ETFs are based on futures contracts, providing exposure to the future price of Bitcoin without directly owning the cryptocurrency.
In 2023, the titans of Wall Street have made it clear that Bitcoin and cryptocurrencies have become essential assets in the modern financial landscape. The increased interest in Bitcoin ETFs, whether spot or futures, marks a significant milestone in the institutional adoption of cryptocurrencies. This movement is a powerful indicator of Bitcoin’s maturation and increasing integration into traditional financial systems.
In our next article, we will examine the bosses of crypto companies, exploring how their leadership and strategies influence the evolution of the cryptocurrency sector and its integration into the global financial world.