Blackrock Filing For Bitcoin ETF: This is A Major Shift
The news this week that Blackrock, the largest company in terms of assets under manamgent in the world, filed for a Bitcoin ETF sent waves throughout the cryptocurrency industry.
In this video I discuss how we are seeing the shift taking place. Wall Street is going to hijack as much as they can and this will be a prime example. What it will do, however, is open the door for more to enter the space. This could have an overall net positive impact upon the industry.
▶️ 3Speak
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This is absolutely going to have some major ripples. In fact it is now very possible we might see Bitcoin hitting six figures in a massive explosion of growth.
Yep I had a feeling that this latest crash was more due to the elites wanting to sell high and rebuy in low...
Black Rock being a part of this is very scary..
Thank you very much for your analysis and news on this hopefully I'll watch my Bitcoin skyrocket!
They are a game changer and the proverbial double-edged sword. We can see how they can impact the price. However, control is their game and trust is not something they should be given.
As always it is up to us to build around them.
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Absolutely we need to keep the power for the people. I have a feeling one day my little steak might be helping.
An amazing new world awaits us here.
Oomph I wonder if blackrock will tank btc on purpose ftx style.
If they were, I would imagine they already are playing in the futures market. If they want to do it, they do not have to wait.
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STOPONDO Finance has mixed crypto funds already. They are backed by serious parties too . Hopefully the SEC will not interfere more than they do already. Also for hive !
If they (Wall Street) hold the bitcoin supply captive and sell people ETFs, it doesn't matter who controls the bitcoin network. They effectively control it, since bitcoin exists within a network that can't be successfully forked, as you very well remarked.
We are back to the traditional model, except this time on blockchain.
Summary:
In this video, the speaker discusses BlackRock's application for a Bitcoin ETF and its potential impact on the cryptocurrency market. He highlights how this move by BlackRock, a major player in the financial industry, could pave the way for more institutional involvement in Bitcoin. The speaker expresses concerns about the centralization of Bitcoin by large Wall Street firms through ETFs. He contrasts Bitcoin's inability to be easily forked with other blockchains like Ethereum, emphasizing the importance of building decentralized networks that cannot be easily influenced by major institutions. The speaker also touches on regulatory actions by Gary Gensler, suggesting a trend towards bringing cryptocurrencies into the traditional financial system.
Detailed Article:
The video discussion centers around BlackRock's application for a Bitcoin ETF and its potential implications. BlackRock, known as the largest fund globally based on assets under management, seeking to enter the cryptocurrency market through a spot ETF application marks a significant development, shaking up the industry. The speaker underscores that while previous ETF filings were from entities like Grayscale and ARK Invest, BlackRock's involvement signals a new level of institutional participation due to its substantial influence and resources.
The speaker delves into the consequences of BlackRock's entry, pointing out how this move could lead to more accessibility to Bitcoin for retail investors through the ETF. However, he raises concerns about the centralization of Bitcoin and its potential 'hijacking' by Wall Street as large firms gain control over significant amounts of the cryptocurrency. This centralization is viewed as contradicting the decentralized ethos of Bitcoin and raising questions about ownership and control in the market.
Moreover, the speaker touches on the Lightning Network and its potential control by major institutions, highlighting the challenges of maintaining decentralization in the face of increasing institutional involvement. He contrasts Bitcoin's resistance to forking with other blockchains like Ethereum, which can adapt and evolve based on the applications built on them.
Furthermore, the speaker discusses regulatory actions by Gary Gensler, suggesting a shift towards integrating cryptocurrencies into the traditional financial system rather than suppressing them. He speculates on Gensler's intentions of bringing crypto to Wall Street, positioning BlackRock's ETF application within this context. The discussion also briefly mentions Gensler's legal actions against Binance and Coinbase, indicating a broader regulatory landscape shaping the cryptocurrency industry.
In conclusion, the speaker emphasizes the importance of building decentralized and distributed networks that are resilient to centralization and external influence. He encourages focusing on creating robust networks that cannot be easily disrupted, highlighting the significance of decentralization in the evolving crypto ecosystem amidst increasing institutional involvement and regulatory scrutiny.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.