• Economist Alex Krüger believes BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) application filing is a good entry point for BTC bulls.
• The SEC has yet to approve any spot Bitcoin ETF applications submitted by Grayscale, VanEck, and Cathie Wood’s ARK Invest.
• Gold saw a 318% increase seven years after the launch of the first gold-backed ETF in the US.
BlackRock Submits Spot Bitcoin ETF Application
Last Thursday, BlackRock, the largest asset manager in the world, submitted a spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC).
Alex Krüger Calls it an Easy Trade for BTC Bulls
Economist and crypto trader Alex Krüger thinks this represents one of BTC’s “easiest long entries of the year” and has a “gut feeling” that the SEC will approve the investment firm’s application in 2024. He was surprised that so many traders ignored this news.
Gold Skyrocketed After Approval of First American ETF
Krüger noted that gold’s price skyrocketed after approval of its first American ETF, though he cautioned that it wasn’t solely responsible for this jump. Monetary Policy and inflation expectations were primary drivers at this time – but enabled flows through an ETF allowed easier access to these investments.
Current Price Action
At time of writing, Bitcoin is trading at $28,748 – up more than 6.5% in the past 24 hours.
Opinions expressed are not investment advice and investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Transfers and trades are done at your own risk with potential losses being your responsibility – The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets nor is The Daily Hodl an investment advisor