This is an opinion editorial by Phil Harvey, the CEO of cryptocurrency mining consultancy Sabre56.
Launching the first unequivocally positive news cycle for the Bitcoin space since the collapse of FTX, BlackRock recently decided to file for a spot bitcoin exchange-traded fund (ETF). Within a few days, two additional behemoth money managers joined BlackRock as Invesco reactivated its application for a spot BTC ETF and ETF-specialist WisdomTree submitted its third application for a BTC ETF to the U.S. Securities And Exchange Commission (SEC).
As of this writing, nobody can say if the proposed vehicles will be approved by the SEC, which has recently made headlines for its heavy-handed pursuit of crypto’s most prominent exchanges in Coinbase and Binance. We will know soon enough.
What is more pertinent at this point is a review of the underlying trend: Institutional money is slowly working its way into the bitcoin economy. In the realm of bitcoin trading, high-profile investors’ commi
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