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BlackRock CEO: More and more global investors are asking us about crypto!
Larry Fink, CEO of BlackRock, says that global investors are increasingly eager to add cryptoassets to their portfolios.
Larry Fink, CEO of BlackRock, has supported the role of cryptocurrencies in democratizing investing worldwide. He pointed to the growing interest of the company's clients in digital assets.
"More and more of our global investors are asking us about crypto," Fink said in an interview with CNBC's Squawk on the Street on July 14. BlackRock is the largest asset manager in the world. Its net worth is $8 trillion in assets, which include all types of investment products.
Cryptocurrencies are a useful tool in a portfolio
According to Fink, cryptocurrencies have differentiating value over other asset classes because they help diversify portfolios.
"It's so international that it will surpass every single currency," noted BlackRock's CEO.
Despite Fink's pro-crypto statements during the interview, he declined to comment on BlackRock's request for a spot bitcoin (BTC) exchange-traded fund (ETF) in the United States. The SEC registers the company's application, but it has a lot of time to make a decision. The deadline is in March 2024.
"We are working with our regulators because we want to make sure that this new market is safe, sound and protected as long as BlackRock's name is on it," Fink added.
Will BlackRock Succeed With BTC ETF?
The SEC has rejected several requests to list BTC ETFs on the spot market in recent years. Given the company's tremendous success in ETF approvals, BlackRock's filing has raised new hopes for early approval. According to Bloomberg Intelligence's Eric Balchunas and James Seyffart, BlackRock submitted 550 ETF applications and was rejected just once.
"We believe that we have a responsibility to democratize investing. We've done a great job and the role of ETFs is changing the world of investing. And we're just at the beginning," Fink said in an interview with CNBC.
BlackRock's application was followed by several re-applications for similar ETF products in the United States. Asset managers awaiting the green light include Fidelity, Bitwise, 21Shares, WisdomTree and Investco, among others.
While US money managers await the SEC's decision, London-based Jacobi Asset Management plans to debut Europe's first BTC ETF later this year. The product was supposed to launch in 2022, but was delayed due to the bear market. According to Jacobi, demand has been gradually shifting since last year. 
BlackRock CEO: More and more global investors are asking us about crypto!
Larry Fink, CEO of BlackRock, says that global investors are increasingly eager to add cryptoassets to their portfolios.
Larry Fink, CEO of BlackRock, has supported the role of cryptocurrencies in democratizing investing worldwide. He pointed to the growing interest of the company's clients in digital assets.
"More and more of our global investors are asking us about crypto," Fink said in an interview with CNBC's Squawk on the Street on July 14. BlackRock is the largest asset manager in the world. Its net worth is $8 trillion in assets, which include all types of investment products.
Cryptocurrencies are a useful tool in a portfolio
According to Fink, cryptocurrencies have differentiating value over other asset classes because they help diversify portfolios.
"It's so international that it will surpass every single currency," noted BlackRock's CEO.
Despite Fink's pro-crypto statements during the interview, he declined to comment on BlackRock's request for a spot bitcoin (BTC) exchange-traded fund (ETF) in the United States. The SEC registers the company's application, but it has a lot of time to make a decision. The deadline is in March 2024.
"We are working with our regulators because we want to make sure that this new market is safe, sound and protected as long as BlackRock's name is on it," Fink added.
Will BlackRock Succeed With BTC ETF?
The SEC has rejected several requests to list BTC ETFs on the spot market in recent years. Given the company's tremendous success in ETF approvals, BlackRock's filing has raised new hopes for early approval. According to Bloomberg Intelligence's Eric Balchunas and James Seyffart, BlackRock submitted 550 ETF applications and was rejected just once.
"We believe that we have a responsibility to democratize investing. We've done a great job and the role of ETFs is changing the world of investing. And we're just at the beginning," Fink said in an interview with CNBC.
BlackRock's application was followed by several re-applications for similar ETF products in the United States. Asset managers awaiting the green light include Fidelity, Bitwise, 21Shares, WisdomTree and Investco, among others.
While US money managers await the SEC's decision, London-based Jacobi Asset Management plans to debut Europe's first BTC ETF later this year. The product was supposed to launch in 2022, but was delayed due to the bear market. According to Jacobi, demand has been gradually shifting since last year.
America is in a sad state, Robert Kiyosaki says, adding he'll stick with Bitcoin and precious metals amid debt default
The author of the famous financial literature remains negative about the state of the economy and public finances of the United States.
Robert Kiyosaki says he is relying on store of value in a deteriorating financial climate. It will continue to invest in what it says are "real assets," such as gold, silver and Bitcoin (BTC).
The popular financial writer told his millions of followers on Twitter that America is in a "sad" state right now due to rising national debt and financial inequality.
“ WHY is [the stock market] going up? Because the "debt ceiling" was removed. This means that the national debt will rise with the stock market. The rich get richer while America gets poorer. Sad.
Stick to real money and real assets: gold, silver, bitcoin, Kiyosaki added. “
The stated views of the investor are in accordance with the previous statements. In June, he warned that a number of regional banks and mortgage companies were on the verge of failure. He also said that a real estate crash is coming that will be worse than the subprime crisis of 2008.
Kiyosaki has long advised people to protect themselves against upcoming problems by investing in precious metals and major cryptocurrencies. According to him, while Bitcoin will reach a six-figure price tag already next year, the dollar, on the other hand, is facing problems due to the introduction of the new BRICS currency. 
According to the SEC, it should have warned Coinbase that its business could later be deemed an unauthorized offering
The court says the US Securities and Exchange Commission (SEC) could have given Coinbase notice that it might be violating securities laws before approving its disclosure request.
The same regulatory agency that allowed Coinbase to trade its stock later sued the company for violating securities laws.
The SEC filed a lawsuit against Coinbase in June, alleging that the Nasdaq-listed firm sold unregistered securities. However, as a crypto exchange, Coinbase provided a platform for cryptocurrency trading from the beginning, something the SEC must have been well aware of at the time of the disclosure approval.
SEC counsel Peter Mancuso told the court that the agency's approval of Coinbase's S-1 filing for an initial public offering (IPO) does not mean the commission has ever given its approval to the entire business:
“ Just because the SEC allows a company to go public does not mean that the SEC is blessing the underlying business or the underlying business structure or saying that the underlying business structure is not against the law.
There is no evidence that the SEC looked at specific assets and made a specific determination and then gave Coinbase the comfort that it would not later be found to be a security. “
However, Judge Katherine Polk Failla did not seem to agree with that assurance. She stated:
“ I am not saying that the board should be omniscient at the time it evaluates the registration statement and that it should know everything. But I would think that the commission is looking at what Coinbase is doing, and I would kind of expect them to say, you know, you really shouldn't be doing this. Is this against securities laws or we're in some interesting uncharted territory here in terms of whether the assets on your platform are securities, so be forewarned that maybe one day there might be a problem.
You could never tell them, 'You have to register as a stock exchange.' That was the SEC's authority to do, right? “
According to the judge, it is apparently not entirely irrelevant that Coinbase believed that its business was not in violation of the rules that the SEC oversees.
“ ..It's not crazy that Coinbase thought what they were doing was okay because that's exactly what you allowed them to do when they issued the S-1. “ 
Binance Announces Launch of Fast, Low-Cost Bitcoin (BTC) Deposits and Withdrawals Using Lightning Network Payment Layer
Crypto exchange Binance has completed the process of integrating the lightning network Lightning Network (LN) for Bitcoin (BTC) deposits and withdrawals.
Customers using Binance to trade cryptocurrencies can now deposit Bitcoins using the Lightning Network. This is a very popular method among Bitcoin enthusiasts, and many have been eagerly awaiting the news.
Binance joins Kraken and Bitfinex, i.e. crypto exchanges that have already implemented the Bitcoin payment layer for their customers. The exchange has been working on the step for quite a long time, having already announced the setup of LN nodes last month.
Lightning's biggest advantage is price. While transactions on the main blockchain cost a few dollars and often reach tens of dollars, a transaction on Lightning costs a few cents.
In addition, these transactions are also very fast. Bitcoiners see layer 2 payments as a solution for small payments for goods and services in everyday life, something that the bitcoin blockchain is not yet ready for due to the small capacity, if you want scalability.
Operating outside of the main network as "Bitcoin's second layer," the Lightning Network was designed in 2016 to speed up transaction times and help with network congestion. It currently has a capacity of approximately USD 147 million with 69,395 open payment channels… 
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ChatBot Bard is finally coming to the EU!
Users in the European Union have seen the arrival of AI chatbot Bard from the workshop of Alphabet and Google respectively.
ChatGPT's competition, the Bard chatbot from Google (Alphabet), is finally available in the European Union. He can communicate in up to 40 languages. 
Gold rose 350% after the first ETF. Is the same waiting for Bitcoin?
Cryptocurrency fans are once again waiting to see if the Securities and Exchange Commission (SEC) will finally approve a Bitcoin spot ETF. Market participants believe that this will promote the adoption of cryptocurrencies for the general public, leading to increased liquidity. According to the Finbold report, the approval of the ETF will also cause a price increase in the price of Bitcoin.
Will the Bitcoin spot ETF drive the same growth as gold?
Trader Ash Crypto compared the price performance of gold, shortly after the adoption of the first ETF for the precious metal back in 2004. In his post on Twitter, he posted a chart showing gold's growth of around 350% between 2004 and 2011, the price rose from the $450 level to over $1,820.
If bitcoin also increased by 350% after the approval of the ETF, it would reach a price of approximately $138,000. This price is not unrealistic for bitcoin and certainly not in a time frame of 7 years. Therefore, everyone is waiting to see if the largest digital asset in the world will achieve a similar price growth as gold.
Applications and Bitcoin spot ETFs are increasing
Bitcoin responded with a price rally immediately after the world's largest asset manager BlackRock filed for a spot bitcoin ETF. The company was followed by other companies, while the giant Fidelity also renewed its request. Interestingly, BlackRock has already applied for 575 ETFs and all of them have been approved by the SEC. But the Bitcoin spot ETF is the first of its kind because the SEC has yet to approve one.
Many believe it's only a matter of time, but the SEC has strong arguments. Direct exposure to Bitcoin puts traders at risk because the cryptocurrency market is not well regulated and there is a high risk of manipulation. On the other hand, bitcoin futures ETFs, which have already been approved by the SEC, represent exposure to bitcoin contracts rather than the asset itself.
The long-term impact is impossible to determine
A regulatory framework and strict oversight of the cryptocurrency market and centralized exchanges can help with the approval of the Bitcoin Spot ETF. Until then, it is questionable whether the SEC will even approve this product. In the short-term, it is certain that the market price of Bitcoin will probably increase due to the approval, but in the long-term, it is unrealistic to determine the development of the price, since the market can change any factor that affects the demand. 
