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Crypto Still Here Despite Everything

Who would have thought it? Crypto has now suffered harsh crackdowns from both the major world superpowers and is still undergoing increased adoption.

 

BlackRock Spot Bitcoin ETF Appears On DTCC Website

BlackRock is the world’s largest asset manager, with over $10 trillion in assets under management. The asset manager is now preparing to launch the first spot Bitcoin exchange-traded fund (ETF) in the US markets. The asset manager’s highly anticipated iShares Bitcoin Trust has made an appearance on a list maintained by the Depository Trust and Clearing Corporation, which, according to Nasdaq, provides post-trade clearance, settlement, custody, and information services. According to the Nasdaq website,

“The Depository Trust and Clearing Corporation (DTCC), through its subsidiaries, provides post-trade clearance, settlement, custody, and information services for equities, corporate and municipal debt, money market instruments, American depositary receipts, exchange-traded funds, unit investment trusts, mutual funds, insurance products, and other securities.”

The ETF will trade under the ticker symbol IBTC. ETF analyst at Bloomberg, Eric Balchumas, added that while IBTC may not be the most exciting ticker choice, it is in line with BlackRock’s brand and could potentially apply to wealthy clients that use asset managers. Balchunas stated that this marks the first occasion when a spot bitcoin ETF has been listed on the Depository Trust and Clearing Corporation website, and none of the other potential spot bitcoin ETFs have achieved this.

“$IBTC is definitely a zzzzz ticker considering the options, but it fits BLK brand (they are more straight up the middle). Arguably better than something like $HODL if the goal is to make it into client accounts of rich boomers who use wealth managers.”

Balchunas also highlighted BlackRock’s proactive approach to logistics, such as ticker selection, seeding, and listing on DTCC, which typically occurs just before launch. This led to considerable speculation that approval for the ETF was imminent. Balchunas suggested that BlackRock may have received a signal that approval of the ETF was likely, or they were making preparations in anticipation of the approval.

“The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again, all part of the process of bringing an ETF to market. This is the first spot ETF listed on DTCC; none of the others on there (yet). Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent.”

Neither BlackRock nor DTCC have commented on the matter so far.

Bitcoin Price Surges

The price of Bitcoin surged as speculation around the approval of a Bitcoin ETF grew. The world’s largest cryptocurrency by market cap surged by nearly 11% over the past 24 hours and has registered a growth of just over 25% in the past month. The price also touched the $34,332 mark, which is the highest level it has achieved in over a year. Currently, the cryptocurrency is trading at $34,192, according to data from CoinGecko.

BlackRock’s iShares Bitcoin Trust is one of 12 spot bitcoin ETFs awaiting approval from the United States Securities and Exchange Commission (SEC). Other applications include Fidelity, Grayscale Investments, and WisdomTree. The regulator delayed all pending applications last month, a move that added another month to the ongoing review process.

“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

If you do jump on board expect a bumpy ride. Once all the ETF’S are approved, the prices will skyrocket. Then the traders will sell and the price will drop.

You need to be aware of this and stay the course. Prices will then rise again to heights never seen before.

There are only 21 million Bitcoin. with so much money chasing it, the price will rise.

13 COMMENTS

  1. ETFs will be cryptos downfall.
    its market manipulation and now blackrock is involved you know the games rigged. ask yourself why blackrock wasnt featuring much until ETF?
    theyll make money both when it pumps and when it turns to shit whereas the lil guy will only make money when it pumps.

    getting excited over crypto ETFs is even more retarded then turkeys voting for xmas. seriously what fucking retard thinks thats a good idea in the longrun? short term sugar hit and long term arse raping by the big boys.

    Eds poo pood blackrock plenty in the past but now hes excited at what theyre doing… good one bro, think about that one for a bit.

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      • theyll make the bulk of their money on crashes/ downturn. theyll get usefull idiots to pump up the market then come in, crash it and count the fat stacks of money they made off the gullable fools who gifted money to the ponzi lords.

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        • For someone who doesn’t own crypto, you seem to know a lot of misinformation about them.
          Not all crypto are the same.
          Most will be useless and have no longterm value
          The trick is picking those that will be required by future users.
          Credit card companies are using crypto to make their transaction more secure and faster.
          Banks are going to be doing the same.
          The term crypto is misleading. It’s the blockchain behind the encryption of the information thats the driving these prices.
          You can stick to your money in the bank and I will stick to what I am doing.

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          • Blockchain and Crypto are two very different things.

            The principles behind blockchain have been around and in operation for hundreds perhaps thousands of years. A discussion for another time, perhaps. All that has happened is that technology has streamlined that process. One of the problems of technology is, take something that already exists, polish it up, give it a new buzzword label, and you can hock it off as something new.

            [1] The implementation behind recent blockchain technology is new, but it has several limitations, one of which is blockchain consensus.

            If 51% of the blockchain says that your $10M is mine, and 49% says its yours, it is mine. The only question then becomes how do you fool 51% of the chain. And one transactions is all you need to get 100% of the chain saying it is mine.

            [2] Blockchain is supposedly unhackable, but results around the world with collapsed crypto exchanges confirm that blockchain is just as hackable as any other technology.

            [3] If you are investing in crypto to make money, the argument that is given by ‘investors’ that crypto could be used as currency falls flat on its face.

            [4] If you are investing in crypto, you are essentially investing in nothingness. You are investing in something that doesn’t exist. A virtual chain letter, a Ponzi scam if you will.

            There is no intrinsic value in crypto, except as a means of exchange. i.e. currency. But the model you would use for crypto if it was used for currency is not the current crypto model that is being used for investing.

            It does not mean you can’t make as profit from it. If no-one was making a profit, there would be no zealots promoting it, encouraging others to get on board.

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          • you got lucky with crypto once or twice, just cuz soneone has a few hundred k invested in crypto dosent make them an expert either, could be lucky, gullable ponzi loser or an informed gambler. time will tell, i guess.

            id almost make another bet with you old dude but i dont have the patience to wait a year or 2 to collect my winnings 🙂

            all i know is those that think these big bankers getting in on it is a good thing are right fucking morons. ask yourself why they need to do it via ETF and not play the same game the peasants are?

            theyll operate mostly outside the blockchain, theyll be able to manipulate it in their favour… save yourselves the hassle and just send a bunch of money straight to blackrock and other banks.

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    • SB, do you think Ed will be a first investor in a crypto sheep investment?. Where people invest in digital sheep, i.e photos of sheep. There is a fixed number of sheep on the core sheep server. You can’t eat said sheep, and they have no intrinsic value other than what you can get other poor saps to pay for them. I hear Gates and Black Rock are going to open their own Crypto sheep exchanges.

      Sim City Sheep.
      Sim City Coins.
      Sim City Tulips (back in the day).

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      • if a few folk spruik it up and convince him theres money to be made im sure he would.

        for the average person cryptos are a shit idea, its just a simpletons share market thats backed by nothing so its even worse then the sharemarket… zero accountablity, zero regulation 100% risk… but risk = big gains… and big losses

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          • All true BUT you can make huge profits quick from it.

            And if you bought into Moderna at the outset, like Fauci and Gates, watched the share price climb, and then climb further after they faked the success of mRNA vaccines against Ebola, (which also gave mRNA fake Kudos to be used in Covid vaccines), then you could have made LOTS of money.

            The only question is are you OK with making lots of money out of fake vaccines and making lots of money out of other peoples deaths?

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          • kea, you could make huge profits from meth, cocaine, robbing banks, fraud etc.
            huge profits dont mean theres no consequences and it wont all come crashing down.

            huge profits mean huge risk. its just gambling on speculation on a digital “asset” backed by absolutely nothing, its even worse then a fiat currency.

            in the past month or so ive had a couple of mates get suckered into the crypto world, theyre all experts like Ed now and know it all! its more sickening to watch and listen to then when the dnz cult started up on ysb… itll probs end the same way too.

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  2. A $100 banknote, a balance at the bottom of a bank statement or an on-line affirmation that you own a bitcoin have zero intrinsic value.

    All they represent is the hours of work an individual is prepared to sacrifice for them.

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    • Naaska there are differences.

      [1] The said $100 banknote value is underwritten by the issuing bank.

      [2] The said $100 banknote can be insured, if in your home or business. It will be uninsurable or have a massive premium if you want insurance cover if left in say the safe of some unknown person. The same with cryptocurrency. If the crypto exchange gets hacked, as many do, no-one will pay you out, because no-one issued the cryptocurrency. The cost of insuring the exchange is probably more than the fees they make.

      [3] Insurance for cryptocurrency is complex and expensive.

      [4] If someone breaks into your home and puts a gun in your wife’s or child’s mouth is you don’t give them access to your wallet containing $10M, the $10M is gone. If you had held $100 in your leather wallet and the rest in the bank, they would not see you as a target.

      [5] Crypto is stored in public Cloud. Banks store in their own private network, and unlike Crypto, have the facility of reversing scam transactions. Cloud gets hacked. It is not a question of if, it is a question of when and how often.

      [6] Crypto is not as secure as you think. Once the Coins are gone, you can’t get them, back. Unlike a bank that can re-create your credit because of a hack, Crypto exchanges cannot recreate your coins even if they wanted to, as there are only a fixed number of coins in circulation. That is until Black Rock & Co in the future say that there are not enough bitcoins in circulation and start creating/printing more. AKA creating wealth out of thin air Robertson Style.

      [7] If you land in central Africa by parachute where there is no power, and no internet, you will still be able to buy things with the $100. The vendor knows that the $100 will be able to be deposited or exchanged next time they drive to a town with a bank. You will not be able to use bitcoin, you will starve, and you will be happy.

      Useful reading.

      https://www.ird.govt.nz/cryptoassets/taxing/income-expenses/stolen
      https://www.cert.govt.nz/individuals/guides/cryptocurrency-security/
      https://securitybrief.co.nz/story/the-wild-west-of-cryptocurrency-fraud-how-kiwis-are-getting-stung
      https://www.fma.govt.nz/consumer/investing/types-of-investments/cryptocurrencies/

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