We've seen the same story play out a million times at the point. Someone from the TradFi industry is bearish af on crypto and then suddenly, they get behind it and praise it to be the best thing since sliced bread.
While many of us have been in this industry and building for years, we see these giants step in and flip sides. It's a great thing for the industry in the long-run. The more giants that get on board, the more "unkillable" Bitcoin and crypto becomes.
The recent ruling in favor of XRP was yet another win for the industry.
According to Blackrock:
More and more of our global investors are asking us about crypto - Larry Fink
Institutional adoption of crypto is coming and it's coming fast. It has the power to radically change this industry as we see an unprecedented amount of capital flow in.
Despite any predictions for BTC and other crypto prices you've ever seen, I can bet none of them properly price in what happens when TRILLIONS of dollars flows in from institutions who simply will not be able to get enough.
The Blackrock Effect
differentiating value versus other asset classes - Larry Fink
Larry Fink recently gave a few different interviews and obviously, everyone wants to hear his take on Crypto and Bitcoin.
The effect of having one of the most important people in TradFi publicly praising BTC and the crypto industry has been a resounding one. We've seen a nice rally in BTC but we've also seen a number of positive headlines swirling in its wake.
Blackrock is stamping its approval on this industry but they are simultaneously now joining the fight. Their ETF is more than likely to get approved. They've won their last 500+ ETF approvals, afterall.
We are working with our regulators because, as in any new market, if BlackRock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected
Let's be honest here, Blackrock is going to get this ETF. It's a foregone conclusion at this point. I'm excited to see how this gets spun out by both regulators and the media but we all know how politics work at this point.
Larry Fink: From Crypto Skeptic to Advocate
At the helm of this financial juggernaut is Larry Fink, a man who once viewed bitcoin as an "index of money laundering." However, in a twist worthy of a Hollywood script, Fink has had a change of heart.
He now believes that crypto will "transcend" traditional currencies, including the mighty U.S. dollar. This dramatic shift in perspective has not only raised eyebrows but also hopes for the future of digital currencies.
Fink recently said this: "importantly, because it’s so international, [crypto is] going to transcend any one currency in currency valuation,"
The level of flippening this man has undergone over this industry is WILD.
The Regulatory Race: Can the U.S. Keep Up?
We've seen crypto volumes flee U.S. borders like nobody's business. It's actually insane to see just how many billions of dollars and tens of thousands of talented individuals have left the U.S. in pursuit of more crypto-favorable jurisdictions.
The U.S. is the land of opportunity. The very principles of the U.S. align with crypto, freedom and innovation. We need to return to a world of innovation if we are to see the U.S. continue its dominance in the world.
I sincerely hope to see regulation catch up to reality. So many people have already left but I believe the tide is turning.
In a landmark ruling, XRP was favored by a federal judge who stated that sales of XRP on exchanges and through algorithms was not to be constituted as an investment contract.
This ruling is wholly in favor of crypto innovation. So many project founders just breathed a huge sigh of relief. I'll have to unpack more about this ruling and the recent Coinbase pre-trial hearing in one of my next posts.
In the grand scheme of things, BlackRock's crypto crusade is more than just a financial maneuver. It's a testament to the growing acceptance of digital currencies and a harbinger of the seismic shifts that lie ahead in the financial landscape. As we navigate this digital currency tsunami, one thing is clear - the future of finance is here, and it's spelled C-R-Y-P-T-O.
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