BlackRock filings can send ‘bitcoin far higher than $138,000"

BlackRock plans for a pair of multi-billion-dollar funds to add bitcoin exposure through its spot bitcoin ETF and other products.

BlackRock, the largest asset manager in the world, now plans to purchase spot bitcoin exchange-traded products (ETPs) for its $18 billion Global Allocation Fund and $36.7 billion Strategic Income Opportunities Fund.

A recent BlackRock filing with the U.S. Securities and Exchange Commission (SEC) indicated that the firm plans to purchase shares of bitcoin-focused products, including its own IBIT spot bitcoin exchange-traded fund (ETF) for its Global Allocation Fund. This came shortly after a filing indicated it would be doing so for its Strategic Income Opportunities Fund.

This means they would be passively investing in their bitcoin spot ETF and adding it to funds as a small allocation,” Melker explained. “Let’s say it’s 1%, 2%, 3%, even 5% of those funds… As we see more retail get access to the spot ETFs, because they are finally approved to trade them, as we see more RIA platforms come online, we know that that’s going to continue to add demand and buying pressure.

Reflecting on those price projections, BlackRock’s recent filings could drive the kind of momentum that pushes the bitcoin price beyond $138,000.

If the past is correct (a bitcoin price doubling) could happen as soon as in 18 days, It usually happens within a couple months at the very least. Will it happen this time? I have no idea but there are fundamental reasons that we should see those higher prices.

Not A Financial Advise.