Can institutional investors like BlackRock trigger the next big Bitcoin rally? –– Q&A with OANDA
Following a challenging year in 2022, positive signals are emerging for the future of Bitcoin (BTC). In July, Bitcoin’s value surged past $30,000, a noteworthy development attributed to asset manager BlackRock’s move to file for a Bitcoin exchange-traded fund (ETF) through the United States Securities and Exchange Commission (SEC).
BlackRock’s application for a Bitcoin ETF sparked a new wave of optimism around the crypto market, which led other major firms such as ARK Investment, Valkyrie and Fidelity to file their own applications for a Bitcoin ETF.
What does this institutional interest mean for Bitcoin and the crypto industry in general?
In this interview, Ed Moya, a senior market analyst at OANDA with more than 20 years of trading experience, delves into the significance of BlackRock’s foray into the crypto space, highlighting how this influential move marks a turning point in dispelling the notion of cryptocurrencies as a fleeting trend.
Cointelegraph: In the U.S. and the global crypto market, how significant is the recent institutional interest from financial giants like BlackRock?
Ed Moya: Much of the institutional world is still licking its wounds from getting into cryptocurrencies during the historic bull run of 2021–2022. The long crypto winter seems over, but it came at a price. Crypto became a “don’t touch” investment, but that is changing with several prominent institutional players signaling interest.
However, BlackRock’s interest in crypto was a game changer for many. It is a significant turning point that crypto is not going away anytime soon.
CT: Has there been meaningful adoption of cryptocurrencies globally?
EM: Crypto adoption is happening slowly as the excitement around digital assets grows. There seems
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