https://www.youtube.com/watch?v=/AL7Wp7oJ4Lk
BlackRock has “no malicious intent” in filing for a Bitcoin spot ETF, despite its reputation in some circles as an activist asset manager, according to Ran Neuner, Host and Founder of Crypto Banter.
So far, no Bitcoin spot ETF has been approved in the United States.
Some investors worry that if BlackRock’s ETF is approved, the asset manager would fund Bitcoin development and hard fork the coin, turning Bitcoin into a centralized, proof-of-stake protocol. This, detractors say, would divorce Bitcoin from its original, decentralized, and democratic vision.
“That is not a theory I’m concerned about, to be honest,” Neuner told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.
BlackRock’s CEO and Co-Founder, Larry Fink, recently told the New York Times that he “forces” BlackRock-owned companies to comply with ESG (Environmental, Social, and Governance) mandates, such as clean energy targets.
However, Neuner said that BlackRock simply owning a large amount of Bitcoin does not give the corporation control over the entire Bitcoin network.
“Whether or not one party owns all the Bitcoin won’t make Bitcoin centralized,” he explained. “The only way that that can change is if the majority of the miners, over 50 percent of the miners around the world, agree that the rules need to change… Regardless of who owns the Bitcoin, the mining still remains decentralized.”
To find out how likely Neuner think BlackRock’s ETF is to be approved, watch the video above
Bitcoin Price Forecast
If BlackRock’s ETF is approved, Bitcoin’s price would at least double in 2024, Neuner forecasted.
“I think the price could actually be much higher [than 2X],” said Neuner. “I’m just being conservative.”
He suggested that the ETF’s approval would create more adoption of Bitcoin, as institutions feel more comfortable investing in the coin.
“I think it could be a game changer,” he claimed. “If you get a Bitcoin spot ETF, you now really open all of this money coming into crypto with an easy way to access this asset.”
The Bitcoin Halving, which reduces the supply of Bitcoin available for mining, is expected to occur in April of 2024. Neuner predicted that the ETF approval, along with the Halving, would create bullish sentiment for Bitcoin.
He also said that U.S. Presidential elections, which have seen many candidates come out in favor of Bitcoin, would help support Bitcoin’s price. Neuner pointed to the examples of Robert F. Kennedy, Jr., Ron DeSantis, and Francis Suarez as pro-crypto candidates.
“Most of the candidates that have put their hats in the ring… have taken a favorable position on Bitcoin and crypto,” Neuner observed. “The market is telling you, and the politicians are telling you, that Bitcoin is an election issue.”
To find out what Neuner thinks would happen to Bitcoin’s price if BlackRock’s ETF is rejected, watch the video above
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
