Bittime - The investment world is being revived with the latest developments from Blackrock, the world's largest investment management company. Blackrock recently appointed Matt Kunke, a research analyst from GSR who is known as a staunch supporter of spot Ethereum ETFs , as Chief Digital Asset Product Strategy for iShares.
This decision is seen as a strategic move by Blackrock to strengthen its position in the crypto market ahead of the approaching potential approval of an Ethereum ETF.
Blackrock Hires Matt Kunke: Ethereum ETF Supporter
Matt Kunke's hiring was announced via his LinkedIn profile, which shows that he will start working at Blackrock in February 2024. This decision raises interesting speculation, considering that Kunke was previously known as a figure who is very optimistic about the future of spot Ethereum ETFs. In fact, he once bet 75% that the ETF would soon get approval.
Known for its careful calculations, Blackrock seems to have a long-term strategy when it comes to crypto. Blackrock's success in managing the iShares Bitcoin ETF (IBIT) is clear evidence. Since its launch, IBIT has continued to show extraordinary performance, even becoming one of the leaders in the overall ETF market. According to data from Sosovalue, to date, IBIT has succeeded in raising net inflows of up to $10 billion.
With an Ethereum ETF approval decision expected to be announced soon, Blackrock is certainly looking to position itself better than its competitors. Kunke's hiring is a strong indication that Blackrock has ambitions to be at the forefront of offering Ethereum ETF-related products once they get the green light.
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Why is the Ethereum ETF considered attractive?
Ethereum's growing popularity is the main reason behind the interest in this asset-specific ETF. Ethereum, a blockchain widely known as a platform for decentralized applications (dApps) and smart contracts, has tremendous disruptive potential in various sectors. Smart contracts running on the Ethereum network enable the creation of various innovations, such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFT) , and Decentralized Autonomous Organizations ( DAO ).
Analysts believe that Ethereum's intrinsic value will continue to increase as blockchain technology becomes more widely adopted. A spot Ethereum ETF allows investors to invest in Ethereum without the hassle of storing the crypto asset directly. This can increase Ethereum's accessibility and liquidity, while reducing the risks associated with storing crypto assets.
ETH (Ethereum) Price Today
Source: Bittime.com
On March 12 2024, the price of ETH (Ethereum) was at IDR 63,455,639 per coin, an increase of 4% in 24 hours.
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Ethereum ETF Approval: Still Any Hurdles?
While enthusiasm for Ethereum ETFs is high, approval from regulators is not yet fully guaranteed. The United States Securities and Exchange Commission (SEC) still has concerns regarding the regulation and supervision of the crypto market.
The SEC believes that the crypto market still does not have adequate regulation, thereby potentially giving rise to the risk of price manipulation and other illegal activities. Apart from that, the SEC also has concerns regarding the security of digital wallets where Ethereum is stored which is the underlying asset of the ETF.
Blackrock and the Future of Ethereum ETF
Blackrock's move to recruit Matt Kunke is a strong signal that the company sees huge opportunities in crypto investment, especially through ETFs. The presence of an Ethereum ETF managed by Blackrock can be a bridge that makes it easier for institutional investors to enter the crypto market.
Apart from that, Blackrock's steps can also encourage progress in regulation and supervision in the crypto market. With more and more big players like Blackrock entering the crypto world, it is predicted that financial authorities will be increasingly pushed to create clearer and more comprehensive regulations.
While Ethereum ETF approval is still uncertain, Blackrock's hiring of Matt Kunke is a positive indication. This strategic move shows that Blackrock is preparing to become a leader in offering Ethereum-related investment products once they get the green light from regulators.
Investors who are interested in crypto investment certainly need to pay attention to the latest developments regarding the approval of the Ethereum ETF. Additionally, it is important to conduct in-depth research before deciding to invest in any crypto asset.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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