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.
— Coach Miranda Miner (@MiningMiranda) October 16, 2023