BlackRock CEO Larry Fink discusses the Bitcoin price surge fueled by false ETF approval news and highlights the pent-up interest in crypto. The incident sparks debate on Bitcoin’s volatility and regulatory approval prospects.
BlackRock CEO Larry Fink has commented on the recent Bitcoin price surge caused by a false report claiming his company’s Bitcoin ETF approval. He attributes the rally to “pent-up interest in crypto” and suggests it’s a flight to quality. However, the day’s events have sparked a debate.
The false report, initially spread by a crypto news outlet, sent Bitcoin’s price soaring by 10%. Both BlackRock and the SEC swiftly debunked the rumor, but not before Bitcoin briefly reached nearly $30,000, marking its highest point since July. Fink, who learned about the situation later, emphasizes the global demand for a Bitcoin spot ETF, especially amid international uncertainty.
Nevertheless, some believe the incident may be exploited by regulators to highlight Bitcoin’s volatility, potentially hindering the approval of a Bitcoin spot ETF in the United States. Bitcoin currently trades at $28,437, according to CoinGecko.
And we just gave this guy the right to disapprove all the Bitcoin ETfs.
Gary Gensler getting ready to deny all the ETFs by citing this fake news incident as evidence of potential market manipulation. #fakenews pic.twitter.com/DVYIdpcVTM
— Coach Miranda Miner (@MiningMiranda) October 16, 2023