Forbes alerts of a $15 Trillion earthquake approaching the crypto market fueled by BlackRock’s interest in Bitcoin ETF, potentially reshaping XRP demand.
In a recent report, Forbes magazine sounded the alarm, alerting that an unprecedented seismic shift is hurtling toward the crypto market, with XRP at its epicenter. The article “A New Wave – Major Bank Reveals A $15 Trillion Earthquake” sheds light on a colossal event that could send shockwaves through XRP, Bitcoin, Ethereum, and Cardano.
A sign of the storm ticked last week when BlackRock, the world’s largest asset manager, announced its intention to plunge deeper into the crypto realm. Specifically, BlackRock, which has assets worth $10 trillion under management, filed for a spot Bitcoin exchange-traded fund (ETF) with the US regulator.
As the largest global asset manager, BlackRock’s actions signal an immense demand for Bitcoin exposure from its prestigious clientele. This would naturally ignite a domino effect leading to a rally around various coins such as XRP.
Investors worth $5 Trillion Are Ready for XRP
Additionally, Forbes argued the possibility of the storm rocking the crypto market following a stunning revelation from Laser Digital, a digital assets subsidiary of banking behemoth Nomura. Its recent survey of professional investors managing a staggering $5 trillion exposed an overwhelming desire to invest in cryptocurrencies like XRP.
Specifically, 96% of these financial experts expressed keen interest in entering the crypto space, citing its potential to diversify portfolios and revolutionize investment management.
Eighty-two percent of the respondents displayed an optimistic outlook for Bitcoin, Ethereum, and XRP, while 88% confirmed that they or their clients were actively considering crypto investments.
While BlackRock’s actions could pave the way for a wave of institutional investment products centered around the crypto market, some experts have argued that even a 0.3% allocation of BlackRock’s fund could buy all Bitcoins and XRPs on exchanges.
Nevertheless, skepticism remains about the potential impact of BlackRock’s proposed Bitcoin ETF on the market. Simon Peters, a market analyst at the eToro exchange, reportedly expressed reservations.
“The potential for a bitcoin spot ETF to move the market is not hugely clear and reliant on demand,” remarked the expert.
Ultimately, BlackRock is just one of many prominent financial institutions interested in a crypto-based exchange-traded fund. As The Crypto Basic disclosed recently, Wisdom Tree and Invesco have also submitted applications for a Bitcoin ETF.