Analyst Says, BlackRock ETF Filing Will Bring New Crypto Capital

Raoul Pal, the head of Real Vision and a macro guru, says that BlackRock’s filing for a Bitcoin (BTC) exchange-traded fund (ETF) is a possible catalyst that could lead to new money flowing into the cryptocurrency markets.

The world’s biggest asset manager filed for registration of the iShares Bitcoin Trust earlier this month. The goal of the trust is to give investors access to BTC without having to buy it directly.

In a new interview on Crypto Banter, Pal says that the filing could make people more likely to invest in digital assets, which could help move money that has been stuck.

“I think liquidity rises from now on and people just want a little bit more macro certainty…

I think capital is soon to come. I think the BlackRock ETF is another way of bringing fresh capital into the space. It’s a dead market right now, and it’s just us lot moving money around and until you bring in new people.”

The former executive at Goldman Sachs says that Gary Gensler and the U.S. Securities and Exchange Commission (SEC) have given a small group of institutions a “secret nod” with the filing, giving them first dibs on the new cryptocurrency market.

Pal says Gensler is “throwing a bone” to BlackRock CEO Larry Fink and other Wall Street firms to show that the SEC is not totally against the innovations brought by crypto.

“[Gensler’s] politically trying to cover his a**. I think there’s been a secret nod which is ‘Larry, if you want to do this, we support it,’ and I’m guessing a few others have been given the nod. And it’s very difficult then not to allow the other Bitcoin ETFs. So net-net, it’s a positive thing.”