BlackRock Blessing Bitcoin (Super Bullish)
"In this video, I discuss the bullish side of BlackRock possibly launching a Bitcoin ETF (technically a trust, but with daily redemptions and creation). In a subsequent video, I will cover possible downsides to BlackRock's entering the space.
Why is BlackRock entering the space bullish?
1) This will mean really large capital flows into Bitcoin, which may enable it to hit a new all-time high in the 12 months after this ETF is approved and starts trading.
2) BlackRock entering the space is validation of our long-held position that Bitcoin will not be banned in the US anytime soon.
3) BlackRock confers an air of legitimacy to Bitcoin as an investment for corporate balance sheets (e.g. MicroStrategy), as well as retirement accounts.
4) By creating a Bitcoin ETF, BlackRock is also implicitly giving its blessing to Bitcoin as an ESG-friendly investment-- which is what it has always been all along.
Bitcoin is much more ESG-friendly than central bankers and fiat money.
Bitcoin is fair and neutral money for 8 billion people."