The old saying goes: Keep your friends close… and your enemies closer.
We didn’t think it also meant arranging a marriage between the two.
BlackRock is the world’s largest asset manager, overseeing $10 trillion in client funds.
On Thursday, we got word the Wall Street titan plans to file an application to register a bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
Talk about irony…
This is the same SEC that charged Coinbase and the U.S. subsidiary of Binance with operating as unregistered securities exchanges.
But wait! There’s more…
BlackRock has partnered with none other than Coinbase to bring the ETF to its customers.
Yes.
The same Coinbase that SEC boss Gary Gensler and his G-men are suing.
As Teeka wrote earlier this week, the SEC crackdown is all a smoke screen:
It’s more about clearing the deck for the big boys of U.S. finance – like JPMorgan Chase and BlackRock – to muscle into the crypto space.
This is the clearest sign yet of that hidden agenda.
Why would the world’s largest asset manager partner with a company facing charges from the SEC… to offer a crypto product that the SEC is skeptical of?
Here’s Teeka again:
The people who run the banks and brokerage houses aren’t dumb. Regardless of what the feds say, they know crypto is the future.
Today, bitcoin’s market cap stands at around $504 billion. That’s a spit in the ocean compared to the total estimated global wealth of $463 TRILLION.
If just 5% of that flows into bitcoin, it’ll go up 47 times higher.
That’s why Fidelity and BlackRock are creating crypto custody solutions for their clients. They want a slice of the pie.
Staying informed about what’s happening beneath the surface in crypto can help you stay the course when the mainstream media – and even your friends and family – are calling crypto a “scam.”
We understand if you’re worried about the regulatory crackdown on crypto.
But as Teeka says, knowing when and how to stay the course is just as important as picking the right cryptos.
That’s why he recently held a special event called Big T’s FINAL Call. (You can click here to stream the replay.)
According to Big T, this will be the last Crypto Winter we’ll see of this magnitude. Once the big players enter this space, the crypto market will trade more in line with the broad stock market – just like internet stocks did when that sector began to mature.
And those volatile moves that generate life-changing gains… They’ll be fewer and farther between.
If you want to get the inside story from the most trusted man in crypto, click here to stream a replay of Teeka’s latest presentation.
|
|
|
|
|
Regards,
Chaka Ferguson
Editorial Director, Palm Beach Daily