Bitcoin briefly soared above the $100,000 mark this week, marking a significant milestone in the cryptocurrency market. BlackRock's ETF and index instruments chief investment officer, Samara Cohen, announced the official launch of the iShares Bitcoin ETF on CBOE Canada this Monday. The iShares Bitcoin Trust (IBIT), a product of BlackRock, has seen remarkable growth since its January 2024 debut, rising 114% and almost 8% year-to-date.
Calamos Investments is set to introduce the world’s first 100% downside protected bitcoin ETF next Wednesday, known as the Bitcoin Structured Alt Protection ETF. Samara Cohen believes that cryptocurrency deregulation will drive bitcoin to another historic year. She predicts that further progress will be made on the Financial Innovation and Technology for the 21st Century Act (FIT21), stable coins, and definitions in taxonomy.
"There will be progress made on… FIT21 [Financial Innovation and Technology for the 21st Century Act.] There will be progress made on stable coins. There will be progress made just on definitions in taxonomy," – Samara Cohen
Cohen also highlighted that a 15% movement in bitcoin's context is not substantial, suggesting that investors should brace for volatility. Under President-elect Donald Trump, BlackRock's ETF chief anticipates a bullish scenario for bitcoin. She emphasized that the long-term price trajectory of bitcoin would hinge on its adoption rate.
"But in the long term, the price of bitcoin is really going to be determined by the level and pace of adoption." – Samara Cohen
The iShares Bitcoin Trust (IBIT) continues to attract attention due to its impressive performance and the strategic insights from Samara Cohen's firm. The cryptocurrency landscape remains dynamic, with industry leaders like BlackRock and Calamos pioneering new investment avenues. As market conditions evolve, investors are advised to remain vigilant and informed about potential fluctuations in cryptocurrency valuations.
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