BlackRock, the world’s largest asset manager, recently announced its application with regulators to launch an exchange-traded fund (ETF) that tracks the price of bitcoin. On the surface, this seems to be a victory for the cryptocurrency industry, which has seen a series of bankruptcies and scandals. However, the crypto community remains skeptical about the move and sees it as an indication of a wider power shift towards traditional financial firms. BlackRock has been pushing deeper into crypto over the years, and while it hasn’t eased concerns, the company is confident that they can mitigate the risks. Nonetheless, some critics believe that the application’s timing coincides with the launch of EDX Markets, a crypto exchange also backed by Wall Street’s elite, including Fidelity, Charles Schwab, and Citadel Securities. The reluctance to partner with large financial firms comes from some key elements of crypto such as anonymity and decentralization. Wall Street is not keen on supporting disruptive elements that could put it out of business. It is not a rising tide lifts all boats, instead, finance companies play for keeps and aim to be the last ones standing.
In other news, JPMorgan, in a bid to strengthen its AI strategy, appointed Teresa Heitsenrether, a veteran of more than 30 years at the bank, to lead a new data and analytics team. This team will play a crucial role in driving AI innovation within the bank. Additionally, Boom, a startup, aims to help people build credit by reporting their rent payments to credit bureaus. Boom raised $4.5 million in a seed round and is looking to create a platform where rent payments hold more significant meaning. Finally, as the housing market begins to stabilize, the single-family rental sector is jumping back in, accounting for a $4tn market share, and this trend has significant implications across the broader market.
Frequently Asked Questions (FAQs) Related to the Above News
What is BlackRock's plan regarding launching an ETF that tracks the price of bitcoin?
BlackRock, the world's largest asset manager, has submitted an application with regulators to launch an exchange-traded fund (ETF) that tracks the price of bitcoin.
What is the response of the crypto community to BlackRock's move?
The crypto community is skeptical about the move and sees it as an indication of a wider power shift towards traditional financial firms.
What are some concerns about BlackRock's application to launch a bitcoin ETF?
While BlackRock has been pushing deeper into crypto over the years, some critics believe that the application’s timing coincides with the launch of EDX Markets, a crypto exchange backed by Wall Street's elite.
Why is Wall Street reluctant to partner with large financial firms in the crypto space?
Wall Street is not keen on supporting disruptive elements that could put it out of business.
What did JPMorgan do recently in its bid to strengthen its AI strategy?
In a bid to strengthen its AI strategy, JPMorgan appointed Teresa Heitsenrether, a veteran of more than 30 years at the bank, to lead a new data and analytics team.
What is Boom, and what is its mission?
Boom is a startup that aims to help people build credit by reporting their rent payments to credit bureaus.
What is the trend in the single-family rental sector, and what are its implications?
The single-family rental sector is jumping back in, accounting for a $4tn market share, and this trend has significant implications across the broader market as the housing market begins to stabilize.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
