Crypto Rover, an influencer popular among the online crypto community, recently projected a price target of $200,000 for BTC. According to the crypto expert, the flagship cryptocurrency could witness a rally of more than 600% if BlackRock’s Spot Bitcoin ETF gets approved by regulators in the United States.
Crypto Rover recently took to X (formerly Twitter) to share his BTC projection:
I think #Bitcoin will go to $200,000+ if the BlackRock Spot ETF get's approved!
— Crypto Rover (@rovercrc) September 24, 2023
And here are 6 compelling reasons why the approval is imminent:
1. BlackRock has an impressive ETF approval rate of 99.8%, with only one rejection throughout its history.
2. During the 2008… pic.twitter.com/lg8Jflvtvi
New York-based asset management giant BlackRock filed a Spot Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) on June 15, 2023. BlackRock was joined by other leading traditional finance firms, including Vanguard and Fidelity, and crypto giant Grayscale Investments.
However, the applicants faced considerable hurdles in getting their Spot BTC ETF approved by the SEC due to several concerns over market manipulation, investor protection, etc. Crypto Rover told his followers that the approval of BlackRock’s Spot ETF application was imminent, given that the TradFi giant had an ETF approval rate of 99.8%.
According to Crypto Rover, BlackRock had faced only one ETF rejection throughout its history. Additionally, the asset management firm previously introduced a private Bitcoin ETF for its institutional investors, which increased the likelihood of its latest application getting approved by the securities regulator in the US.
Speaking on BlackRock’s global status and relations with lawmakers, Crypto Rover stated:
During the 2008 financial crisis, the U.S. government and the Federal Reserve solicited Blackrock to devise a strategy to navigate the situation. This demonstrates a high level of trust in Blackrock, the world’s largest asset manager.
Crypto Rover added that BlackRock’s Chief Executive Larry Fink had recently changed his stance on Bitcoin, and had described it as “digital gold.” The crypto expert estimated that the approval of BlackRock’s application would propel BTC’s value to a whopping $200,000.
