BlackRock is now the biggest Bitcoin advocate, while IMF urges Bitcoin bull country to narrow BTC support

At present, the majority of factors are showing Bitcoin adoption and dominance surging rapidly across the world, led by top world-renowned financial leaders.

The current trade price of Bitcoin (BTC) is $62,245, up 1.43% over the last 24-hour period. The majority of investors are bullish with the current month’s “Uptober” trend.

El Salvador & Bitcoin adoption

As we know, El Salvador officially adopted Bitcoin as a legal currency in September 2021 and later established multiple new Bitcoin projects to push the adoption of Bitcoin in more positive ways.

Recently, the International Monetary Fund (IMF) urged the El Salvador government to reduce efforts related to Bitcoin adoption.

No reaction has been seen from El Salvador President Nayib Bukele on such comments, which hints that he is fully determined with his Bitcoin adoption strategy.

These days, El Salvador officials are in talks with Argentine authorities. Reportedly, they also discussed Bitcoin adoption as a tool to fight against rising inflation.

BlackRock Bitcoin Spot ETF

As we know, many fund managers in the US have secured regulatory approval for Bitcoin spot ETF products, and currently, 5% of the Bitcoin supply is in circulation among BTC spot ETF issuers.

To promote its Bitcoin spot ETF product IBIT, BlackRock is advocating for Bitcoin adoption while simultaneously explaining the potential decline in the purchasing power of the US dollar.

More Spot ETF Funds on Bitcoin

Due to the sudden rise in Bitcoin spot ETF adoption, some fund managers are launching Bitcoin cum Ethereum spot ETF products. In the latest developments, Franklin Templeton has submitted its application for a BTC and ETH Index ETF with the United States Securities and Exchange Commission (SEC).

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