ETFS

BlackRock's Fink Backs Bitcoin

Fink's Bitcoin Endorsement: BlackRock CEO Larry Fink has recently endorsed Bitcoin as a protective asset. More specifically he directly compared its value and function to that of gold throughout history. This statement was made during his interview with CNBC, marking a significant moment for Bitcoin's recognition in mainstream financial sectors.

Gold of the Digital Age: Fink equated Bitcoin to gold, noting its role as a reliable asset during times of fear and uncertainty. He underscored Bitcoin's uniqueness, pointing out its near-capped supply compared to continuously mined gold, positioning Bitcoin as a modern instrument for wealth storage.

Regulatory Milestone: This statement follows closely on the heels of the U.S. SEC's approval of BlackRock's Bitcoin ETF, among others. Fink's positive outlook on Bitcoin adds substantial weight to the digital currency's legitimacy, especially coming from a leading figure in the financial world.

Implications for Bitcoin: Fink's endorsement is a major step towards Bitcoin's acceptance in the financial sector. It not only shifts the narrative around Bitcoin but also potentially influences market sentiments and encourages broader adoption.

📘 Warren criticizes SEC's bitcoin ETF approval. US Senator Elizabeth Warren urges stringent crypto regulations, including anti-money laundering measures. She advocates extending the Bank Secrecy Act to crypto companies.

🚀 Record $4.5 billion in Bitcoin ETF trading on day one. BlackRock's debut impresses, while Grayscale’s ETF achieves unprecedented trading volumes. The trading volume on Bitcoin ETFs has exceeded market expectations.

🚫 Vanguard avoids Spot Bitcoin ETFs. Despite the SEC's approval for 11 Bitcoin ETFs, the $7.7 trillion firm Vanguard claims the investment case for Bitcoin ETFs as weak, and is blocking its clients from trading them. This contrasts with rivals like BlackRock and Fidelity, who have embraced these products.

🔍 SEC Chair Gensler criticizes Bitcoin's volatility and illicit use. Gensler has clarified that despite approval of Bitcoin ETFs, that the SEC hasn't endorsed Bitcoin, highlighting its primary use in illegal activities and its rarity in everyday transactions like buying coffee.

📉 BlackRock acquires 11,500 Bitcoin during the first two days of trading. This significant purchase represents 13 days of Bitcoin's total production, indicating a potential market supply crunch.

Will Bitcoin hit an all-time high before the 2024 halving?

👍 Yes: 70.3%

👎 No: 29.7%

📊 VanEck has launched a new commercial for its spot Bitcoin ETF. It introduces the VanEck Bitcoin Trust, available under the ticker HODL, for easy investment through stock trading apps.

📈 Grayscale advertises its Bitcoin ETF, encouraging investors to diversify into Bitcoin. The commercial highlights GBTC, the world's largest Bitcoin ETF, as a key investment option.

📢 President Trump pledges U.S. energy independence through increased oil drilling if elected president. He promises significantly lower electric and energy prices, and foresees gas prices dropping to under $2 per gallon. Energy prices in the USA could have significant impacts on the Bitcoin mining industry.

🔍 Argentina's first Bitcoin rent agreement was signed in Rosario. This innovative contract, enabled by President Javier Milei's legal amendments, allows the tenant to pay $100 monthly in Bitcoin through Fiwind, a local crypto platform.

👋 Two days ago marked the anniversary of Mike Hearn quitting Bitcoin. Hearn was a Bitcoin developer frustrated with the lack of support for one of his feature ideas. He then sold all his Bitcoin when the price was $400.

The 1st-ever mention of Bitcoin on a national TV show was three years ago. The price at the time? $3 US dollars.

6.25% - The amount of total bitcoin left to be mined after the next halving.

0.75% - The current GBTC premium. Bitcoin was trading much higher than GBTC before ETF approval. But now the premium is gone.

311 - The number of days that Bitcoin has had a higher price than its current price as of writing this newsletter.

Today’s newsletter was written and edited by Jordan.