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.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney