Bitcoin: BlackRock hits next milestone
Bitcoin spot ETFs have had an impressive triumph since their approval in January 2024. BlackRock in particular stands out: the world's largest asset manager dominates the market and has now set a new milestone.
With 586,000 Bitcoin, BlackRock now holds around three percent of the total Bitcoin volume - and over half of the holdings of all spot ETF providers. The world's largest asset manager thus controls 50 percent of the Bitcoin currently traded via spot ETFs.
BlackRock's Bitcoin spot ETF, IBIT, has reached assets under management of 55 billion US dollars, making it the most successful launch of a spot ETF of all time. Fidelity follows in second place with a volume of around 20 billion US dollars. Since the Bitcoin spot ETFs were approved in January 2024, the total volume of the products has grown to 110 billion US dollars - that's almost six percent of all Bitcoin in existence.
BlackRock CEO Larry Fink sees further potential for the cryptocurrency and believes a Bitcoin price of up to $700,000 is possible. The company manages a total of $11.5 trillion and is considered one of the most influential financial institutions in the world due to its market power and influence on business and politics.
The financial giant's shares have taken a break after soaring in January and hitting a new record high of $1,084.22 or €1,060.00 in February. Investors can now get the shares of the world's largest asset manager around ten percent cheaper.
Investors should not be unsettled by the setback at BlackRock, but note the stop at 900.00 euros. DER AKTIONÄR also sees further long-term price potential for Bitcoin.
Note on conflicts of interest The board of directors and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has directly and indirectly taken positions in the following financial instruments mentioned in the publication or derivatives related to them, which can benefit from any price development resulting from the publication: Bitcoin.
Gerd Weger has been successfully active on the markets since the 1980s and is known to many stock market traders as a columnist for €uro am Sonntag or as the operator of his legendary "Millionaire Depot". In 2017, he shifted his focus from stocks to cryptocurrencies and has now published a standard work: The focus is on the valuation factors of Bitcoin and Co. The completely different approaches to fundamental analysis compared to stocks are systematically presented in the book. The considerations for tax optimization are also important. For enlightened investors and traders, all of this is essential for sustainable investment success with cryptocurrencies.
Authors: Weger, Gerd Number of pages: 736 Publication date: March 21, 2024 Format: Hardcover ISBN: 978-3-86470-957-9
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