BlackRock Shakes Up the Bitcoin ETF Race

Crypto fanatics have been pining for a Bitcoin exchange-traded fund for a decade now. But as the applications piled up, US regulators repeatedly declined to approve one, citing the risk of fraud and market manipulation in cryptocurrency markets.But with the entrance of BlackRock Inc. into the race, many market watchers are hopeful that one or more spot-Bitcoin ETFs will finally get the go-ahead. After all, the world’s largest asset manager has a strong track record of getting funds past regulatory roadblocks. On this week’s episode of the What Goes Up podcast, Eric Balchunas and James Seyffart from Bloomberg Intelligence join to discuss how BlackRock’s application dramatically changes the outlook for Bitcoin ETFs.“When they filed, it was a whole different ballgame in my opinion,” says Balchunas. “The fact is they generally like to bring a gun to a knife fight. This is a firm who doesn’t like to lose, who knows what they're doing, and they must see something.”See omnystudio.com/listener for privacy information.