BlackRock's $10 Trillion Bet on Bitcoin and ETH: SEC Approves ETF Options

BlackRock, the world's largest asset manager with $10 trillion in assets, has recently made significant moves in the cryptocurrency market.

In a presentation at a digital assets conference in Brazil, BlackRock described Bitcoin as a 'global monetary alternative,' contrasting it with the dollar's declining purchasing power.

CEO Larry Fink has openly praised the underlying blockchain technology, calling it 'fantastic' and suggesting that it could replace traditional custodians of financial assets. Fink also highlighted Bitcoin as an asset class that 'protects you.'

Additionally, the SEC has approved options trading for BlackRock's spot Bitcoin ETF, a development that could have substantial implications for Bitcoin and the broader crypto market.

Robert Mitchnick, BlackRock's digital boss, reiterated that crypto is the 'gateway drug' for big institutions to dive into Web3, emphasizing that tokenization is not a replacement but an upgrade. BlackRock also noted that Bitcoin and ETH have emerged as the predominant crypto-assets.

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