Blackrock is basically being forced to submit a Bitcoin Spot ETF as their own research from last year suggests on a risk adjusted basis, BTC should be over 80% of someone's portfolio (ref: https://coinmarketcap.com/headlines/news/blackrock-study-optimal-bitcoin-allocation/ which includes link to the original tweet which has screen caps of the report).
If their clients follow their advice, then they won't get a piece of the pie from them re-allocating to BTC. Having a Bitcoin approved Spot ETF keeps them with Blackrock, and then Blackrock gets a piece of the management fees from the ETF, which is what they're really after. Once Bitcoin is a trillion-dollar asset again, and Blackrock has a greater portion of the market they will earn hundreds of millions per year in easy income from ETF management fees.
They have a very good track record of getting ETFs approved, so IMO that should happen in the next 12 months which will align with the next BTC Halving next year. Likely this will trigger a massive wave of capital flow into Bitcoin from high net worth individuals, companies and potentially pension funds/countries who are waiting on the safety and clarity of an ETF. Just look at what happened to gold when the first Spot ETF for that was approved. It went 4x over the next couple of years. I think that's easily what can and likely will happen with Bitcoin.
