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.
The Blackrock CEO did go on to say back in 2018 that his company would look back into crypto when it became more “legitimised”. Nearly 5 years later Blackrock is doing exactly that – but with crypto being singled out for extremely rough treatment from the SEC it could hardly be said that crypto has reached the legitimacy stage.
When such a massive and powerful institutional entity as Blackrock files an application for a Bitcoin ETF, when so many have failed, it might be guessed that there will have been some quiet conversations behind the scenes, and that some plan could be in place to exert control over the premier crypto asset.
The Blackrock ESG commitment
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
An extremely thought-provoking tweet by @anilsaidso posits how Blackrock could in one fail swoop take control of Bitcoin.
— Anil ⚡ (@anilsaidso) June 15, 2023
Hidden within the filing is what Blackrock would be able to do in the event of a Bitcoin hard fork. This is explosive beyond belief. Bitcoin has already been through hard forks in its history, and thus far the decentralised nature of Bitcoin has always won through, and forks of the original network have not been successful.
What Blackrock is contemplating in the event of a hard fork is that it would get to choose which fork to go with, thereby deciding the future of Bitcoin. And given its love for the ESG narrative, what if Blackrock itself or one of its ‘associates’ proposed a PoS fork, and then all the institutions with backing of regulators and governments went with this fork and left the original PoW fork in its wake?
Gold and silver were controlled
Government and institutions were able to use subterfuge to squash the price of gold and silver over many decades so that they would not detract from the power of the dollar. Big banks used massive short selling whenever the prices took off, and were able to build huge positions in the metals, especially J P Morgan.
Bitcoin is very similar to gold and silver in that it is sound money, meaning that it can’t be debased by governments in order to backstop banks or pay for wars. Look for the Blackrock Bitcoin Spot ETF to be approved by an anti-Bitcoin SEC, and then watch what happens very 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.