Posted on 02/27/2024 10:53:08 PM PST by EnderWiggin1970
At a recent special event hosted by BlackRock, high-profile clients and industry participants were invited to discuss the future of Bitcoin. Bitcoin company Swan, one of the participants of the event, shared some important takeaways with its private customers.
The event was significant as it marked BlackRock's attempt to promote its Bitcoin ETF among its top clients. The move aligns with the view that BlackRock is preparing to leverage its marketing and sales skills to promote Bitcoin and its ETF product.
Senior officials at BlackRock have revealed that they have received calls from unexpected quarters expressing interest in purchasing Bitcoin. This shows that institutions, investors and companies that were not previously involved in Bitcoin are now showing interest. This unexpected inclusion could shape the future bull market in previously unforeseen ways, according to Swan.
Related News FED Member Bowman Hints at Upcoming Interest Rate Decisions in the US: "Cutting Too Early May Require Raising Again" At the company's event, an analyst gave a presentation on how to value and model Bitcoin in a portfolio. The presentation was aimed at more conservative institutional investors and suggested potential diversification strategies. The BlackRock analyst suggested a surprising number to participants: a 28% allocation to Bitcoin.
BlackRock, which is known to have one of the largest distribution networks worldwide, plans to spread this information beyond its top customers, according to Swan. Once its top customers have had time to digest this information, the company is expected to share it with its entire customer base.
*This is not investment advice.
Banks are now petitioning the SEC to be able to handle Bitcoin
As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance
www.bloomberg.com/news/articles/2024-02-15/as-bitcoin-rallies-banks-push-sec-to-change-an-accounting-guideline-sab-121
See New York community Bank.
Has Banks fail the printing of money pushes the rise of bitcoin.
>> The event was significant as it marked BlackRock’s attempt to promote its Bitcoin ETF among its top clients.
>> The suggestion to clients to put 28% of their portfolio into bitcoin raised even my eyebrows.
Hey, do you think those 2 things might, possibly, conceivably, in some small way, be related? LOL! It’s a huge mystery!
They could offer anything to their clients, and the ETF has extremely low fees so that’s hardly a moneymaker for them. Nor would they want to say something stupid that would alienate their major clients by causing major losses in their investments.
I think the last chance to (try to) ban bitcoin is now realistically gone. Too much of Wall Street is on board (or trying to be). MicroStrategy will be part of the S&P500 soon, so that every investor with a S&P500 index fund will be invested in bitcoin. With Wall Street and Main Street invested, the central banks will be pounding sand trying to stop the shift to decentralized money.
The danger with bitcoin is that governments can reissue currency, gold backed, fiat (digital or physical currency) and then ban all use of bitcoins for use and boom...any value bit coin has is simply kaput and so was any money invested in bit coin.
Any money system can be set at naught , especially by radical command and control style governments.
We’ve always prepared for that (being banned - that’s why I specified “try to” because they will fail), but it doesn’t appear to be heading that way. Forcing governments to issue gold or other commodity-backed currency would be a victory for sound money, but who sanely thinks that governments like in the US will get their fiscal house in order, so as to be able to issue a gold-backed currency and then stick with it without debasing it in short order?
This is how bubbles form. Textbook.
My comment was less about the form of money but more about governments and various black swan events that force money currencies and their valuations to change whether or not previous regimes liked bitcoin or not. Also the reaction of people to forced changes can effect what is done. North Korea tried to force an abrupt currency devaluation domestically a few years ago by reissuing a currency that had people turn in their old currency receiving less currency value in return that was also worth less in what little market place that NK has. It sparked a rare almost universal protest that had the totalitarians rocked back on their heels and they had to back off on their devaluation curves. Oh they still did the exchange but the government had to lessen the amount of haircut they were forcing on the people. You can’t mess with people’s money. That brings real revolution and anarchy!
I don’t own ETFs, and likely never will...
BTC ETFs seems to me to be a way to trade the value of BTC rather than BTC itself.
So, it’s one matter to risk wealth in non-asset backed BTC, while you could magnify your risk by placing your wealth in non-asset backed non-assets.
I agree
ban all use of bitcoins>/blockquote>There's no way to ban use of Bitcoin. You could make it difficult to move Bitcoin to and from regulated banking systems, but preventing the trading Bitcoin for cash or goods is essentially impossible.
You say that bitcoin cannot be stopped or banned. It is essentially an electronic figment stored on the internet. Correct?
The internet is a controlled monitored electronic entity? So it stands to reason that ultimately electronic funds are no safer than other banking systems.
The bitcoin has to use locally generated currency...digital or physical as the final transition of value from what is said to be stored in the bitcoin to the procuring of the cash, goods or services. A given government can simply ban the use of their nation’s currency for that purpose and refuse to allow their national banks electronic clearing house networks to authorize transactions of bitcoin thru their networks. Governments can disallow stand alone bitcoin ATM’s to use cash in those machines.
Some nations where bitcoin is illegal or very restricted.
Illegal in any Shape or Form
Bitcoin and other cryptocurrencies are completely banned in the following countries:
Algeria – according to the state’s law, “the purchase, sale, use, and holding of so-called virtual currency is prohibited”.
Bangladesh – anyone caught using or owning Bitcoin or any other cryptocurrency will be jailed, according to the Bangladesh Bank.
Bolivia – all cryptocurrencies have been banned by the country’s Central Bank since 2014.
Cambodia – according to various state authorities, the use and propagation of cryptocurrencies is banned, except if a license is acquired.
China – the country which once had the highest number of Bitcoin miners declared crypto illegal since 2013, although certain territories under the country’s control, such as Hong Kong, can make exceptions.
Colombia – whilst there is no specific law banning Bitcoin and Altcoins, the Superintendencia Financiera informed the country’s financial institutions not to assist or work with individuals and companies trading in virtual money operations.
Ecuador – the country’s government banned the use of all cryptocurrencies whilst it introduced its own version which was tied to the country’s primary fiat currency, the dollar.
Egypt – commercial transactions made using Bitcoin are considered both illegal and religiously immoral by the country’s Islamic legislator.
Indonesia – as of 2018, the use of cryptocurrencies for payments became illegal.
Iran – the ban focuses primarily on banks dealing with customers or funds with links to cryptocurrencies.
Morocco – while the country currently bans the use of Bitcoin for payments and has issued stark warnings to residents, it appears that the state may be working on laws that will permit the use of crypto under certain conditions.
Nepal – in an unambiguous statement in 2017, the Nepal Rastra Bank declared Bitcoin and other cryptocurrencies as illegal.
Pakistan – all cryptocurrencies and digital tokens are banned, and banks cannot assist any clients who have issues or disputes relating to virtual currencies.
Taiwan – all forms of trading or payment with cryptocurrency is banned, as is the installation or use of a Bitcoin ATM.
Saudi Arabia – considered to be an implicit ban, the Saudi Arabian Monetary Authority is outspoken against the use of crypto, describing it as high risk.
Best Cryptocurrency Wallets
Allowed, with Restrictions
Meanwhile, several other countries allow the limited use of cryptocurrencies, but users must be careful not to go beyond what is allowed.
India – banking ban on crypto, however, the government plans to use Blockchain technology to combat money laundering.
Jordan – banking ban on crypto.
Thailand – banking ban on crypto.
The United Arab Emirates – exchanges and ICOs are prohibited, but it is possible to get a license to trade crypto.
Vietnam – ban on using crypto for payments.
I am a long time bitcoin holder. 28% allocation? I wouldn’t recommend ANYTHING at a 28% allocation.
The banks are lobbying to be custodial holders of bitcoin now. They want to be able to use it as collateral for loans.
Two years ago, that would have been unheard of.
The dollar is going south and these guys want to stay in business.
Gold backed currency? That’s rich.
I’ve been hearing about the gold backed yuan for a decade, or the BRIC gold currency for a few years now.
There isn’t enough gold to do that.
The dollar certainly isn’t backed by much these days.
Beware wolves in sheep’s clothing. Bitcoin ETF’s and the banking industry being allowed to “handle” them is nothing more than a back door approach to Fed/SEC regulatory control. Issuers of sovereign currencies (fiat money) cannot allow any competitive currency not under their control (ability to debase).
As I said I was using such examples in my explanations as to how Governments can shut down bitcoin use by denying that Bitcoin wallet digital accounts be used in what ever currency schemes individual governments have legally authorized for their nations.
It could be seashells for all I care at least in the context of how bitcoins could be transacted in any given nation.
You are right about gold backed currencies, of course and I’m with you there, but that wasn’t the main thrust of what I was opining about.
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