Bitcoin Hits $35,000 as Rumors of Blackrock Buying Bitcoin Circulates

Bitcoin Hits $35,000 as Rumors of Blackrock Buying Bitcoin Circulates

BitcoinBitcoin ETF

By Miles

24 Oct 2023

2 min read

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BlackRock is planning a new Bitcoin fund called IBTC. Their big buy could be why Bitcoin's price soared. With more big players entering, Bitcoin's future looks bright!

Bitcoin's price jumped by $5,000 in just one day, the biggest rise in over two years. For months, it tried to break past $32,000, and finally did it.

BlackRock, a big money manager, is getting ready to start a new Bitcoin fund. They intend to name it  IBTC. Before they can sell this fund to the public, they need to buy a lot of actual Bitcoin.

Coinbase, a well-known place to buy and store Bitcoin, will likely help BlackRock with this. Some think BlackRock's big purchase of Bitcoin is why the price went up so fast.

In 2021, when the first Bitcoin fund started, they saw $1 billion in trades on day one. That's like buying 30,000 Bitcoin. BlackRock might buy even more.

There are other companies also planning to start their own Bitcoin funds. They all need to buy Bitcoin too. This could mean even higher prices for Bitcoin in the future.

Some believe that the US government's financial group, the SEC, is watching this closely. They might even decide to buy Bitcoin themselves. If they do, it would be a big sign that Bitcoin is becoming more accepted.

In short, Bitcoin is getting a lot of attention. Big companies and possibly even the government might start investing in it. This is a big step for the digital currency and shows its growing importance.

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