BlackRock CEO Larry Fink shared his thoughts on the controversy that happened on Monday, which began with cryptocurrency media outlet Cointelegraph publishing the purported news of the U.S. Securities and Exchange Commission\u2019s (SEC) approval of the asset manager\u2019s much-awaited spot Bitcoin ETF.<\/p>\n
According to Fink, the crypto rally that ensued represents a \u201cflight to quality\u201d driven by real economic factors, not false speculation.<\/p>\n
The Monday false rumors that the SEC had approved BlackRock\u2019s iShares Bitcoin Trust ETF sparked a frenzy of excitement on the X platform that sent the flagship crypto\u2019s price skyrocketing to $30,000.<\/p>\n
A spot market Bitcoin ETF is somewhat of a holy grail for the cryptoverse, despite the fact that these products already trade in Canada and Europe. The reason has to do with the SEC blocking the dozens of requests it has seen so far, putting it out of reach for U.S. investors seeking Bitcoin exposure without the hassle of holding the crypto directly.<\/p>\n
\u201cIt\u2019s just an example of the pent-up interest in crypto,\u201d BlackRock\u2019s Fink posited during an interview with Fox Business. \u201cThis rally is way beyond rumor. I think the rally today is about a flight to quality.\u201d<\/p>\n
Looking to the future, he expects crypto to evolve into an important asset for investors, specifically as a safe haven during harsh economic times.<\/p>\n
The CEO\u2019s view is a particularly upbeat spin on the controversial event, which contributed to roughly $136 million worth of liquidations in the span of 24 hours. As ZyCrypto <\/em>covered earlier, Cointelegraph retracted its post and BlackRock eventually debunked the rumor \u2014 causing BTC to fall from $30,000 to $28,000 levels.<\/p>\n The SEC also issued a statement saying: “Careful what you read on the internet. The best source of information about the SEC is the SEC.” <\/p>\n Bitcoin is currently changing hands at $28,475 as of publication time, a 2.4% gain over the last 24 hours.<\/p>\n While Larry Fink stressed that Monday\u2019s incident only affirmed the global demand and enthusiasm for a Bitcoin spot ETF amid ongoing international unrest, others in the crypto community did not see the situation as optimistically.<\/p>\n Observers like Bitfinexed have pointed out that the event could be used by SEC chairman Gary Gensler to show the high volatility of the Bitcoin market and how easy it is to be manipulated.\u00a0<\/p>\n Despite BlackRock\u2019s impeccable 99.8% ETF approval record, it\u2019s still unclear how the SEC will decide on this, given that it hasn\u2019t approved any previous BTC ETFs and is resolutely targeting leading crypto exchanges.<\/p>\n Furthermore, Bitcoin supporters fear the Monday pump-and-dump event likely dashed any hopes of a Bitcoin spot ETF being greenlighted for trading in the US in the near future.<\/p>\nWill The Monday Hoax Affect BTC ETF Approval Chances?<\/strong><\/h2>\n