A senior Bloomberg exchange-traded fund (ETF) analyst says around $150 billion worth of capital could flow into the Bitcoin (BTC) market within a year or two if BlackRock’s BTC spot exchange-traded fund (ETF) gets approved.
In a new interview with journalist Paul Barron, analyst Eric Balchunas says that BlackRock’s ETF could elevate the top crypto asset in the minds of many traditional financial advisors.
“If you have a BlackRock ETF, that’s primetime.
I mean we have a saying on the team that BlackRock and Vanguard ETFs are the new IBM, and what I mean by that is if you’re a 65-year-old financial advisor, and you were a broker 30 years ago, it used to be said that you could never get fired for buying IBM. It’s just too good, [an] all-American company, none of your clients are going to be like, ‘What did you get me into?’ Now, you can’t get fired for buying a BlackRock or Vanguard ETF. It’s just too good a deal. It’s just too bulletproof.”
Balchunas says he bases his $150 billion prediction on the value of gold ETFs, as well as the overall amount of money financial advisors manage in the US.
“When I come up with the $150 billion, here’s the math. One is that’s about how much gold ETFs have.
Two is if you take advisors and wealth managers, they have $30 trillion that they run for the rich boomers of America basically. If only 0.5% of that comes over, that is $150 billion.”
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The post $150,000,000,000 Coming to Bitcoin Market Once BlackRock BTC ETF Gets Approved, Predicts Bloomberg Analyst appeared first on The Daily Hodl.
