Lately, I've been experiencing FOMO as I watch the price of Bitcoin drop. I've been trying to buy more Bitcoin with fiat over the past few days, and I've run into the issue of my card being blocked due to transactions being deemed high-risk (at least that's what the bank claims).
Even a friend of mine tried to go through the process today and ended up in the same situation as me. It seems surreal to me that the bank decides what I can or cannot spend my money on. The bank acts in a paternalistic manner, to the point that it seems pathetic to me. The issue is that regulatory pressure pushes them to take these ridiculous measures.
And here comes the point where I've been thinking about BlackRock. If it's challenging for me, as an individual, to buy Bitcoin, imagine how difficult it must be for institutions to start accumulating the asset. For this reason, I believe that BlackRock's ETF will be a catalyst that pushes the price of Bitcoin significantly higher.
Opening the door to institutional money on a large scale will be epic. I foresee a massive influx of money, but not necessarily right when it gets approved.
I imagine that it will be the continuous growth that will be huge over time.
I found this tweet that exlains how big the impact can be:
https://twitter.com/brainheart/status/1698397106543677802
- brainheart
If some % of Blackrocks assets under management (AUM) goes into Bitcoin at this prices, the effect for the price can be huge.
If ever 2% of AUM goes into Bitcoin the % of circulating supply is 37%.
It's impossible to buy 37% of Bitcoin supply.
Position yourself accordingly!