In a startling turn of events, false information regarding the approval of the iShares Bitcoin Spot ETF by BlackRock sparked a massive Bitcoin price surge yesterday, resulting in the premier cryptocurrency reaching a two-month high of approximately $30,200 (on Bitfinex). Even though Bitcoin retraced this move shortly after the revelation of the misinformation, the rapid price movement has left many crypto analysts speculating on the potential price impact should a Bitcoin Spot ETF gain genuine approval.
Remarkably, BlackRock’s CEO, Larry Fink, remained a vocal supporter of Bitcoin following the event, stating in a TV interview yesterday that it exemplifies the “pent-up interest in crypto.” Due to securities laws and the pending ETF application, he refrained from mentioning “Bitcoin” directly. But Fink emphasized the growing demand, noting, “We’re hearing from clients around the world about the need for crypto,” and even referred to Bitcoin as a “flight to quality.”
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