BlackRock CEO Highlights ‘Pent Up Interest in Crypto’ as Bitcoin Surges on Fake ETF News

BlackRock CEO Larry Fink addressed the recent chaos that ensued after a false report claimed that BlackRock’s application for an iShares Bitcoin Trust ETF had been approved by the SEC. The news, which originated from a tweet by Cointelegraph, led to a surge in Bitcoin’s price by 10%, reaching nearly $30,000 for the first time since July. Fink, appearing on Fox Business, described the incident as a manifestation of the immense interest in the cryptocurrency market.

“It’s just an example of the pent-up interest in crypto,” Fink remarked, attributing the rally to a “flight to quality.”

Despite the frenzy, both BlackRock and the SEC swiftly debunked the rumor, leading to Bitcoin’s price plummeting back down below $28,000 within 15 minutes of the false news circulating. Currently, Bitcoin is valued at $28,437, as per CoinGecko.

Fink, who was unaware of the situation until later due to his busy schedule, emphasized that Monday’s events underscored the global demand for a Bitcoin spot ETF, especially amid ongoing international uncertainties.

However, the incident has sparked concerns among Bitcoin advocates, who fear that SEC chair Gary Gensler might exploit the situation to highlight Bitcoin’s market volatility and susceptibility to manipulation. They worry that this event could jeopardize the approval of a Bitcoin spot ETF in the United States in the near future.

While the SEC has remained tight-lipped about BlackRock’s application, the regulatory body addressed the situation briefly through a tweet, cautioning the public to be discerning about information found online.

“Careful what you read on the internet,” the SEC stated. “The best source of information about the SEC is the SEC.”

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