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Investing.com|EditorMalvika Gurung

Published Oct 09, 2023 12:16AM ET

The crypto market is poised for a significant transformation with the potential approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, according to a former BlackRock (NYSE:BLK) manager's statement on Monday. This regulatory shift is expected to provide financial institutions with a more familiar pathway to invest in Bitcoin.

The possible sanctioning of Bitcoin ETFs could unlock an estimated $17.7 trillion investment. This speculation underscores the growing acceptance of Bitcoin as a valid asset class within traditional finance circles. If these projections hold true, this would mark a substantial increase in the role and price of Bitcoin within the financial ecosystem.

The anticipated inflow of investments is also expected to foster increased trust in Bitcoin, potentially encouraging further investments in other cryptocurrencies. This development comes amid a growing shift towards digital assets and the increasing integration of cryptocurrencies into mainstream financial systems.

The approval of Bitcoin ETFs in the U.S. would signify a pivotal moment for the crypto market, providing a more structured and regulated avenue for large-scale investments. This could potentially lead to an influx of capital into the crypto market, boosting Bitcoin's prominence and possibly influencing the performance of other digital currencies.

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Written By: Investing.com

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Bitcoin ETFs on the brink of US approval, ex-BlackRock manager ... - Investing.com