Blackrock's Bitcoin spot ETF is a cause for concern.
With Blackrock’s recent spot ETF application many Bitcoincoiners are elated. However, should they be worried about this particular move by the $10 trillion asset manager?
“I have not heard from any one client looking to buy a cryptocurrency at this time. Right now I can tell you that Worldwide, I have not heard from one client that said I need to be in this.
In 2018, the CEO of Blackrock stated that the company would consider exploring the world of cryptocurrency once it became more widely accepted. Fast forward nearly five years later, Blackrock is now taking steps towards this goal. However, with the SEC's harsh treatment towards crypto, it's difficult to argue that the industry has reached a stage of legitimacy.
Given the size and influence of Blackrock, their recent application for a Bitcoin ETF suggests that there may have been some confidential discussions behind the scenes. It's possible that a plan is in place to control the leading digital asset.
The Blackrock ESG Commitment. Blackrock's Bitcoin spot ETF is a cause for concern.
Blackrock's Bitcoin spot ETF is a cause for concern. Larry Fink has said that he and his company are committed to pushing its ESG agenda.
“You have to force behaviours, and at Blackrock we are forcing behaviours”
With Fink serving as a Trustee on the board of Klaus Schwab’s World Economic Forum, you can be sure that this application for a Bitcoin Spot ETF will somehow play along with the ESG narrative.
How Blackrock Could Potentially Take Control
A recent tweet by @anilsaidso has sparked discussion on how Blackrock could potentially gain control of Bitcoin in the event of a hard fork. Blackrock's filing reveals the power it would wield in such a scenario, as it would have the ability to choose which fork to follow, effectively deciding the future of Bitcoin. This has raised concerns about the decentralization of the network and the potential influence of large institutions on its direction. One hypothetical scenario is that Blackrock or one of its associates could propose a PoS fork, which could gain the support of regulators and governments, leaving the original PoW fork behind. Blackrock's Bitcoin spot ETF is a cause for concern.
Gold And Silver Were Controlled
Over several decades, government and institutions utilized subterfuge to suppress the prices of gold and silver to prevent them from detracting from the strength of the dollar. Large banks engaged in extensive short selling whenever prices rose, allowing them to accumulate significant positions in metals, particularly J.P. Morgan.
Bitcoin, like gold and silver, is considered sound money, meaning it cannot be debased by governments to support banks or finance wars. Keep an eye out for the Blackrock Bitcoin Spot ETF, which may be approved by an anti-Bitcoin SEC, and monitor its impact closely.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.