BlackRock's move into crypto could kick off a $15 trillion crypto boom

BlackRock, which manages nearly $10 trillion in assets, has stepped up its efforts to enter the cryptocurrency space in a move that could unleash a $15 trillion cryptocurrency boom, according to an article by cryptocurrency author Francisco Memoria.

eToro market analyst Simon Peters warned that the potential for the product to drive the market is not very clear and depends on demand. Peters added that BlackRock manages a staggering amount of global capital, so the success of a spot ETF could unlock a lot of liquidity for the bitcoin market. However, he did stress that ETFs come with strict regulations, such as incorporating surveillance data sharing to deter market manipulation, which may not be well suited for ardent supporters of the decentralized nature of bitcoin.

In previous news, BlackRock has submitted an application for a bitcoin spot ETF.