People are really excited about the idea of a Bitcoin ETF (kind of like a stock for Bitcoin) coming to the US. This excitement has gotten even bigger because big companies like BlackRock are getting involved in the world of digital assets. Lots of applications for Bitcoin ETFs are being submitted, and BlackRock being a part of this makes it all seem more real and trustworthy.
In an interview with Thinking Crypto’s Tony Edward, Martin Bednall, the CEO of Jacobi Asset Management,said that a lot of people want Bitcoin to do well. But currently, there are things in the market that are causing Bitcoin’s price to fluctuate.
On one side, people are excited and talking a lot about Bitcoin ETFs in the US. On the other side, there are bigger economic things happening, like prices going up and interest rates increasing.
He said that a lot of companies want to have Bitcoin ETFs, which shows that many people are interested. But when and how these ETFs will get approved is still uncertain. Some people think that the SEC might approve several applications at once to be fair and not show any favoritism.
This way, everyone has an equal chance, and no one gets an unfair advantage. It’s important to note that big companies like BlackRock have an advantage because they are well-known and can reach a lot of people with their products.
Martin explained, “In the short term, it’s very difficult to see which way the market’s going to go. However, longer term, the bullish narrative is in our view the one that will play out.”
Talking about Bitcoin’s halving event, slated for the next year, brings forth discussions about the potential for new all-time highs in the market. Historically, the four-year cycle of bull markets followed by bear markets has been observed. While the short-term is clouded by macroeconomic uncertainties and inflation concerns, the overall bullish narrative remains robust.
