Bitcoin prices have jumped this week, thanks to traders reacting positively to Donald Trump’s recent U.S. election win. This surge is pushing bitcoin closer to the $100,000 mark, which has been an exciting target for investors. Many believe Trump’s support for bitcoin, combined with expected Federal Reserve interest rate cuts and financial stimulus measures from China, are key reasons behind this rally. Wall Street’s growing interest in crypto is also playing a big role.

Adding to the excitement, rumors have surfaced that BlackRock, the world’s largest asset manager, is looking to acquire a stake in one of the biggest holders of bitcoin exchange-traded funds (ETFs), Millennium. This hedge fund controls a substantial amount of spot bitcoin ETFs and could be a game-changer for the market.

BlackRock has been actively working on digitizing traditional finance by integrating crypto and blockchain technologies. In fact, BlackRock’s CEO Larry Fink recently shared his vision for bitcoin and other cryptocurrencies, stating that they could work alongside artificial intelligence (AI) to transform the financial landscape. He sees bitcoin as a new asset class, comparing it to commodities like gold. Fink has been leading efforts to bring fully regulated spot bitcoin ETFs to the U.S., which many see as a pivotal moment for crypto adoption.

In October, BlackRock’s bitcoin ETF, IBIT, saw a massive $1.1 billion inflow of new money, breaking its previous record. Experts predict that more capital will continue flowing into bitcoin ETFs and exchanges, increasing market volatility and potentially affecting other crypto investment vehicles.

Caroline Bowler, CEO of BTC Markets, mentioned that her platform saw a 300% increase in user activity this week alone. She believes that rising interest in bitcoin ETFs could lead to further price increases, creating a cycle where higher prices attract even more investments. This could signal that bitcoin is moving away from being seen as a speculative investment and becoming a core asset in many portfolios, setting the stage for continued growth in the crypto space.