Wall Street Backs Bitcoin

by | May 20, 2024

Last week, we talked a bit about Bitcoin’s recent lackluster performance, touching briefly on how multiple forces are lining up which could make this current post-Halving rally one for the ages.

One of those forces is Wall Street’s sharp about-face on the digital currency.

This is perhaps most evident in these two side-by-side headlines, printed 6 years apart.

In the first one on the left from 2017, BlackRock CEO Larry Fink was quoted calling Bitcoin some nasty names.

Then on the right in a headline from June 2023, almost 6 years later, BlackRock is seen filing for a spot Bitcoin ETF.

It’s kind of indicative of how Bitcoin has been treated by legacy financial institutions until recently.

And just yesterday, Jeffry shared a news headline with us showing exactly how that Wall Street support is starting to take shape:

The story reveals that firms as big as Morgan Stanley, JPMorgan, Wells Fargo and others have a combined $3.5 billion invested in the digital currency through one of the 11 Bitcoin spot ETFs approved this past January by the U.S. Securities and Exchange Commission.


Bitcoin’s Mainstream Moment

The arrival of the spot ETFs is sort of a “mainstreaming” moment for the digital currency.

Up until now, financial firms couldn’t directly invest in Bitcoin. These spot ETFs now allow for that, making it possible for institutional investors to hold Bitcoin.

Additionally, the ETFs allow “average Joe” investors who never wanted to get involved in the intricacies of having a crypto wallet or creating a separate account on a crypto exchange to finally invest in Bitcoin.

This accessibility opens the door for a broader range of investors, bringing more capital into the market.

Many experts believe all of this — and more — will amplify the expected post-Halving rally to really send Bitcoin to the moon this time.

As Jeffry often reminds us, now that the Halving is behind us, the post-Halving rally is a 12-24 month process.

So if you’re getting involved in Bitcoin now — or in Jeffry’s favorite Bitcoin miner (MARA) — don’t get wrapped up in day-to-day price movements.

— The Prosperity Pub Team


What to read next