The giants of the financial world, BlackRock and Fidelity, are making their presence felt in this digital frontier, and their actions could have profound implications for the future of Bitcoin and Ethereum.
BlackRock, a titan of global investment management, is pushing for the urgent approval of a Bitcoin spot ETF. The timing of this approval could coincide with the Bitcoin halving event in April 2024, a convergence of events that could send Bitcoin’s price soaring. With only 10% of Bitcoin remaining on exchanges, the entry of these financial behemoths could rapidly deplete the remaining supply, further driving up the price.
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Show more +Fidelity, a renowned name in the financial sector, is not far behind in this race to embrace the digital asset revolution. The firm’s interest in offering a multitude of services, including cold storage, is a clear testament to its commitment to the cryptocurrency realm. The entry of Fidelity into the Bitcoin market, in tandem with BlackRock, could significantly alter the supply-demand dynamics, potentially leading to a rapid absorption of the remaining Bitcoin supply.
Ethereum, the second-largest cryptocurrency by market cap, is also in the crosshairs of these financial giants. The proof-of-stake model of Ethereum, which allows those with a larger stake to control the network, could be exploited by these corporations. By offering staking services on their platforms, they could potentially control more than half of the Ethereum network, effectively steering the direction of this blockchain platform.
The actions of the SEC, the watchdog of the financial world, also warrant attention. There are indications that the SEC is attempting to clear the field of competition, leaving only the corporations controlled by central banks standing. This could lead to a consolidation of power in the hands of a few, a scenario that could reshape the landscape of the cryptocurrency market in the U.S.
As we stand on the precipice of these potential changes, it’s worth noting the words of Ash Crypto, who compared the market caps of BlackRock, the gold market, the global equity market, and Bitcoin. The comparison underscores the potential of Bitcoin, suggesting that it could reach $100,000. As the world of cryptocurrency continues to evolve, it’s clear that the actions of these financial giants will play a significant role in shaping its future.
