News of BlackRock’s entry into the Bitcoin market has drawn mixed reactions from the crypto community. While many see the prospect of a significant capital inflow from a potential Bitcoin Trust as extremely bullish for the price of BTC, some are questioning whether BlackRock’s exposure to Bitcoin is good or bad.
While some believe that the inclusion of such an investment giant will add to Bitcoin’s legitimacy and could spark a wave of institutional investment, there are also concerns. Some critics worry that BlackRock, often seen as a badge of the traditional financial system that Bitcoin is trying to disrupt, may have too much influence on the Bitcoin market.
Noting a certain irony in the community, the famous analyst Pentoshi writes: “Everyone before: we hate BlackRock, we hate the suits, to hell with the system, they are scammers. To all the 99% losers: Wow, BlackRock is stepping in. That’s great! In 2 years I could only be down 90%!”
Everyone before : We hate Black Rock, we hate the suits, screw the system, they’re a fraud
Everyone down 99%: Wow black rock going in. This is great! In 2 years I may only be down 90%!
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) June 16, 2023
Will Clemente, analyst and co-founder of Reflexivity Research, claims that it is “undeniable” that Operation Chokepoint 2.0 was staged when BlackRock stepped in to “crush out domestic crypto companies and large traditional companies friendly to the US government.” , attempt to regulate bitcoin/crypto” if BlackRock gets SEC approval.
Bitcoin education expert Anil (@anilsaidso) researched BlackRock’s ETF filing and found a “hidden gem” in the ETF filing. According to the document, in the event of a hard fork, BlackRock has the option to decide on the network it deems appropriate. Furthermore, there is no guarantee that BlackRock will ultimately choose the most valuable fork.
Sharply hidden in BlackRock ETF filing.#Get Forked https://t.co/tER6xxZPui pic.twitter.com/Qdt8BZ2OEZ
— Anil ⚡ (@anilsaidso) June 15, 2023
It is not yet clear when the SEC will rule on the filing. The SEC has up to 240 days to make a decision, and has been consistently reaching that amount in recent years. If that’s the case, a decision would come in mid-February 2024, surprisingly just a month before Bitcoin Halving.
