It's been different talking crypto, especially this period when the spot ETF discussion is gradually heating up and it's been the perfect distraction I need, especially in this depressive state in which I currently find myself. It's been interesting to analyze Blackrock and the SEC's current conundrum, concerning the Bitcoin ETF, and every day is always a new day to read one rumor or another.
Currently, the news is that Blackrock currently wants Crypto to dump, so they can inject $10 million and buy BTC at a discount. However, I still believe this is all rumor and nothing legit. Blackrock is a multiple trillion dollar establishment and wanting BTC to dump so they can buy does not really make sense. First, I think 10 million dollars is not a lot of money when it comes to Blackrock, and wanting to squeeze a profit for their 10 million dollar purchase seems off, although I won't totally deny they wouldn't.
In reality, most multi-billion dollars businesses became rich from being completely meticulous about their money, and wanting to buy BTC at a discount isn't completely unbelievable, but it seems a bit bizarre because even if Blackrock wanted a discount, they'll be doing so if they were buying BTC worth of 200 or 300 million dollars (which I don't think they would). It's a season of pump and dumps and thanks to some certain entity, people are now completely reliant on the SEC to see what will be BTC's fate in 2024.
In fact some outrageous predictions have gone on to say that BTC might dip to 30k or even below if the SEC rejects the spot ETFs, and we might see a new BTC ATH in a few months if there's an approval. While these predictions are unruly, I think they categorically make sense because of the current sentimental state of the market. The market is currently unstable and this is because the ETF sentiment is becoming the sole reason why people want or don't want to invest.
One thing I feel is that even if the ETF is rejected, it'll only slow down the movement of BTC in 2024, but won't slow down the monstrous pump that will ensue in the beginning of 2025. The market is ripe already. I feel that the spot ETF is just like trying to eat a Mango off a tree, rather than waiting for the mango to ripen before plucking. Without the ETF, the market will still do its thing, however, 2024 might just be drab, with no excitement or buzz if there's disapproval, as so many entities are already caught in the ETFs brouhaha and this has sincerely created an onslaught.
Blackrock is not the messiah we're currently touting, however, it's existence and entry into crypto is inevitable as part of the sophisticated evolution of crypto, so whether we like it or not, they're here to stay and they'll get their approval no matter how long it takes. Nevertheless, the rush to get this done as soon as possible is something I don't understand. I like to see how the coming days might be, however, I'm predicting more rumors and even more rumors.
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