Economist Alex Krüger Calls BlackRock Bitcoin ETF Filing an Easy Trade for BTC Bulls
Economist and crypto trader Alex Krüger thinks the BlackRock Bitcoin (BTC) exchange-traded fund (ETF) filing represents one of BTC’s “easiest long entries of the year.”
Last Thursday, BlackRock, the largest asset manager in the world, submitted a spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC).
Krüger says it’s “incredible” how many traders ignored the ETF news and tells his 154,000 Twitter followers that he has a “gut feeling” the SEC will approve the investment firm’s application in 2024.
No Bitcoin spot ETF applications have been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest. The SEC did greenlight the launch of two Bitcoin futures ETFs in October 2021.
Krüger notes that gold’s price skyrocketed after the approval of its first American ETF, though he cautions that the fund wasn’t the primary reason for the jump.
“The first gold-backed ETF in the US, GLD, was launched on Nov/18/04. Gold skyrocketed soon after, clocking a 318% increase in seven years.
Bear in mind the main drivers of gold at the time were monetary policy and inflation expectations; the ETF simply enabled the flows.”
Bitcoin is trading at $28,748 at time of writing. The top-ranked crypto asset by market cap is up more than 6.5% in the past 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Economist Alex Krüger Calls BlackRock Bitcoin ETF Filing an Easy Trade for BTC Bulls appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
