BlackRock CEO: Bitcoin Rally “Beyond the ETF Rumor” as Investors Flock to Crypto as a “Flight to Quality”
Bitcoin’s price soared to over $30,000 today after a false report claimed that BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) had been approved by the SEC. Though BlackRock quickly refuted the rumor, Bitcoin maintained much of its gains even after the report was debunked.
BlackRock Chairman and CEO Larry Fink commented on the rally, suggesting it went beyond just the speculation over a BlackRock ETF.
“We’re hearing from clients around the world about the need for crypto,” Fink stated on Fox Business. “This rally is way beyond the ETF rumor. More people are running into a flight of quality like crypto.”
BREAKING: BlackRock CEO Larry Fink says this #Bitcoin rally "is a flight to quality" and way beyond the ETF approval rumour. pic.twitter.com/CUnGAXGHFq
— Bitcoin Archive (@BTC_Archive) October 16, 2023
While the ETF approval rumor turned out to be inaccurate, sparking the sudden surge, Fink’s remarks indicate the rally was also driven by legitimate interest in crypto as an investment. Mass adoption continues to grow as cryptocurrencies gain more mainstream acceptance.
The false news led to temporary market turmoil, emphasizing the need for traders and outlets to verify information before reacting. But BlackRock’s CEO says the rally reflects a broader appetite for crypto exposure amid economic uncertainty.
Bitcoin has maintained over $28,000 at publication time, showcasing an underlying bullish sentiment in the market. Fink’s comments suggest that while rumors can rapidly boost prices, sustained advancement will be driven by real adoption. For now, the failed ETF news has not derailed Bitcoin’s upward momentum.
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