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December 5, 2024 11:28 AM
Bitcoin's meteoric rise past $100,000 is garnering attention from investors across wealth classes. Jay Jacobs, BlackRock’s Head of Thematic and Active ETFs, noted a surge in demand for Bitcoin ETFs, with BlackRock’s IBIT ETF surpassing $45 billion in value since its launch in January. The fund grew by $4.1 billion in the past month alone, underscoring Bitcoin's emerging role as a financial hedge.
Jacobs attributed this growing interest to factors like pro-crypto political victories, Bitcoin's perceived ability to hedge against geopolitical risks, and its utility in combating inflation-induced currency depreciation. He emphasized that ETFs offer a simplified entry point for mainstream investors, likely accelerating cryptocurrency adoption in the near future.
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