According to a Bloomberg analyst, the BlackRock Bitcoin ETF has the potential to unlock a wealth value of $30 trillion.
The BlackRock application has brought a Bitcoin spot ETF closer to approval than ever before, and ETF analyst Eric Balchunas believes it could be a game-changer for the cryptocurrency industry.
David Becker 
According to Bloomberg ETF analyst Eric Balchunas, the approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission could potentially unlock approximately $30 trillion in capital. This vast sum represents the assets controlled by financial advisors in the U.S. who are eager to gain exposure to Bitcoin through a regulated exchange-traded fund.
Balchunas explains that the ETF format is favored by the older generation (boomers) and financial advisors as the preferred means of delivering investments. BlackRock's recent application for a Bitcoin spot ETF has generated renewed optimism in the crypto market, prompting other major firms like ARK Investment, Valkyrie, and Fidelity to file their own applications for a Bitcoin ETF.
The involvement of BlackRock, the world's largest asset manager, significantly increased the likelihood of a Bitcoin spot ETF approval from a mere 1% to a much more promising 50%, according to Balchunas. He noted that BlackRock's decision to pursue this path indicates their strategic thinking and belief in the potential for regulatory approval.
