$30 trillion worth of capital could suddenly unlock for the Bitcoin market if a Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst Eric Balchunas.
That is the estimated amount of assets controlled by financial advisors in the U.S., who would be willing to get exposure to Bitcoin through a regulated exchange-traded fund.
“ETF is the format in which the boomers and the financial advisors prefer their investments delivered in”, Balchunas explained in an exclusive Cointelegraph interview.
Blackrock’s application for a Bitcoin spot ETF last month sparked a new wave of optimism around the crypto market which led other major firms such as ARK Investment, Valkyrie, and Fidelity to file their own applications for a Bitcoin ETF.
The involvement of Blackrock, the world’s largest asset manager, was enough to raise the chances of a Bitcoin spot ETF approval from 1% to 50%, according to Balchunas.
“They’re very smart and they don’t just throw filings out willy nilly”, the analyst said. “They clearly see something out there that they think they can get through the regulators”, he added.
To find out more about the implications of the Blackrock Bitcoin ETF filing, watch the full interview on our YouTube channel, and don’t forget to subscribe!
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
At least 12 people have been killed in a suicide bombing outside the gates of a court in Pakistan’s capital of Islamabad, the country’s interior minister has said.
At least 27 other people were also wounded after the bomber detonated his explosives next to a police car.
Interior minister Mohsin Naqvi said the attacker tried to “enter the court premises but, failing to do so, targeted a police vehicle”.
Mr Naqvi added that authorities are “looking into all aspects” of the attack.
Image: Pic: Reuters
Image: Pic: AP
No group immediately claimed responsibility for the explosion, but authorities have recently struggled with a resurgent Pakistani Taliban.
The explosion, which was heard from miles away, occurred at a busy time of day when the area outside the court is typically crowded with hundreds of visitors attending hearings.
More than a dozen badly wounded people were screaming for help as ambulances rushed to the scene.
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“People started running in all directions,” said Mohammad Afzal, who claimed he was at the court when he heard the blast.
Image: Pic: Reuters
Image: Pic: AP
Pakistani security forces earlier said they foiled an attempt by militants to take cadets hostage at an army-run college overnight, when a suicide car bomber and five other attackers targeted the facility in a northwestern province.
The authorities blamed the Pakistani Taliban, which is separate from but allied with Afghanistan’s Taliban, but the group denied involvement in that attack on Monday evening.
The assault began when a bomber attempted to storm the cadet college in Wana, a city in Khyber Pakhtunkhwa province near the Afghan border.
The area had, until recent years, served as a base for the Pakistani Taliban, al Qaeda and other foreign militants.
According to local police chief Alamgir Mahsud, two of the militants were quickly killed by troops while three others managed to enter the compound before being cornered in an administrative block.
The army’s commandos were among the forces conducting a clearance operation, and an intermittent exchange of fire went on into Tuesday, Mr Mahsud said.
Pakistani Prime Minister Shehbaz Sharif denounced both attacks and said those responsible must be brought to justice swiftly.
“We will ensure the perpetrators are apprehended and held accountable,” he said.
Mr Sharif described attacks on unarmed civilians as “reprehensible”, adding: “We will not allow the blood of innocent Pakistanis to go to waste.”
At least eight people have been killed and at least 19 others injured after a car exploded in New Delhi, say Indian police.
The blast, which triggered a fire that damaged several vehicles parked nearby, happened at the gates of the metro station at the Red Fort, a former Mughal palace and a busy tourist spot.
New Delhi’s international airport, metro stations and government buildings were put on a high security alert after the explosion, the government said. The cause of the explosion is being investigated.
The city’s police commissioner, Satish Golcha, said it happened a few minutes before 7pm.
“A slow-moving vehicle stopped at a red light. An explosion happened in that vehicle, and due to the explosion, nearby vehicles were also damaged,” he told reporters.
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Local media said at least 11 people were injured and that Mumbai and Uttar Pradesh state had been put on high alert after the incident
Image: Police officers and forensic technicians work at the site of the explosion. Pic: Reuters
Image: The site of the explosion. Pic: Reuters
One resident, who did not give a name, told NDTV: “We heard a big sound, our windows shook.”
Sanjay Tyagi, a Delhi police spokesman, said they were still investigating the cause, while the fire service reported that at least six vehicles and three autorickshaws had caught fire.
Images show the burnt-out remnants of several cars and forensic officers at the scene.
Image: The scene has now been sealed off. Pic: Reuters
Home minister Amit Shah told local media that a Hyundai i20 car exploded near a traffic signal close to the Red Fort. He said CCTV footage from cameras in the area will form part of the investigation.
“We are exploring all possibilities and will conduct a thorough investigation, taking all possibilities into account,” Shah said. “All options will be investigated immediately, and we will present the results to the public.”
The investigation is being conducted by the National Investigation Agency, India’s federal terror investigating agency, and other agencies.
India’s Prime Minister Narendra Modi offered his condolences to those who have lost their loved ones in the blast.
He posted on X: “May the injured recover at the earliest. Those affected are being assisted by authorities.
“Reviewed the situation with Home Minister Amit Shah Ji and other officials.”
This breaking news story is being updated and more details will be published shortly.
It is a moment few could have imagined just a few years ago but the Syrian president, Ahmed al Sharaa, has arrived in Washington for a landmark series of meetings, which will culminate in a face-to-face with Donald Trump at the White House.
His journey to this point is a remarkable story, and it’s a tale of how one man went from being a jihadist battlefield commander to a statesman on the global stage – now being welcomed by the world’s most powerful nation.
Before that he went by the nom de guerre Abu Mohammed al Jolani.
During Syria’s brutal civil war, he was the leader of the Nusra Front – a designated terror organisation, the Syrian branch of al Qaeda.
Back then, the thought of him setting foot on US soil and meeting a US president would have been unthinkable. There was a $10m reward for information leading to his capture.
Image: Ahmed al Sharaa meeting Donald Trump in Riyadh in May. Pic: AP
So what is going on? Why is diplomacy being turned on its head?
After 14 years of conflict which started during the so-called Arab Spring, Syria is in a mess.
Mr Sharaa – as the head of the transitional government – is seen by the US as having the greatest chance of holding the country together and stopping it from falling back into civil war and failed state territory.
But to do that, Syria has to emerge from its pariah status and that’s what the US is gambling on and why it’s inclined to offer its support and a warm embrace.
Image: Donald Trump, Crown Prince Mohammed Bin Salman and Ahmed al Sharaa in May. Pic: Saudi Press Agency
By endorsing Mr Sharaa, it is hoping he will shed his past and emerge as a leader for everyone and unite the country.
Holding him close also means it’s less likely that Iran and Russia will again be able to gain a strong strategic foothold in the country.
So, a man who was once an enemy of the US is now being feted as a potential ally.
Image: Mr Sharaa meeting Vladimir Putin in Moscow in October. Pic: Reuters
There are big questions, though. He has rejected his extremist background, saying he did what he did because of the circumstances of the civil war.
But since he took power, there have been sectarian clashes. In July, fighting broke out between Druze armed groups and Bedouin tribal fighters in Sweida.
It was a sign of just how fragile the country remains and also raises concerns about his ability to be a leader for everyone.
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Nonetheless, Mr Sharaa is viewed as the best chance of stabilising Syria and by extension an important part of the Middle East.
Get Syria right, the logic goes, and the rest of the jigsaw will be easier to put and hold together.
The visit to Washington is highly significant and historic. It’s the first-ever official visit by a Syrian head of state since the country’s independence in 1946.
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Top shot: Syrian leader shows off his basketball skills
The meeting with Donald Trump is, though, the really big deal. The two men met in Riyadh in May but in the meeting later today they will discuss lifting sanctions – crucial to Syria’s post-war reconstruction – how Syria can help in the fight against Islamic State, and a possible pathway to normalisation of relations with Israel.
The optics will be fascinating as the US continues to engage with a former militant with jihadi links.
It’s a risk, but if successful, it could reshape Syria’s role in the region from US enemy to strong regional ally.