BTC and BlackRock
In the past few days, a kind of frenzy has started after the announcement that BlackRock, the company that has significant control over many companies worldwide, has filed for a Bitcoin exchange-traded fund (ETF) and partnered with Coinbase for this venture. The last time an ETF was expected, it caused Bitcoin's price to rise from 30K to 67K. However, it's important to note that the current situation is not the same, as we are not in the same stage of the market cycle. Previously, such speculation extended the bull market or created a false top.
source
So, what does this mean for the crypto market?
One immediate thought is that a fund as large as BlackRock entering the crypto space and exposing the market to its $15 trillion of assets under management indicates that more money will eventually flow into the market. This could bring a sense of legitimacy to Bitcoin, although not necessarily to the entire crypto market. If BTC proves successful, Ethereum will likely follow.
However, I do have concerns regarding the implications. The whole narrative behind Bitcoin is to escape from funds like BlackRock and the traditional financial system, which involves keeping money in a bank and giving them control over your assets. It remains uncertain whether those who enter the market due to BlackRock's involvement will understand the concept of self-custody and maintaining control over their own crypto assets. There is a risk that they may relinquish control to BlackRock and the wallets they recommend, which could lead to issues down the road if these companies seek to exert control over the network.
Nevertheless, i also recognize that for more money to enter the market, investment from such funds is crucial.
So at the same time i feel kind of happy and worried .
Posted Using LeoFinance Alpha
https://leofinance.io/threads/steemychicken1/re-steemychicken1-2ebk4srke
The rewards earned on this comment will go directly to the people ( steemychicken1 ) sharing the post on LeoThreads,LikeTu,dBuzz.
The leval of assertion that black rock might enact might be crazy and quite flattering, but it does bring a lot of stability and legitimacy. While we're not in the bull market, series of good or solid news here and there can stabilize the market to an extent. You're right.
Yes of course they can. Nevertheless it's an interesting move !
I think it is. we just have to wait to see how it unfolds eventually.
Congratulations @steemychicken1! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 4500 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPI don't have much idea about BTC ETF and how it would work out for those who go that route but I know black rocks are big players in the world of finance with too much power and centralization which would be a red flag for any real crypto user seeking real decentralization.
What all this could mean is still undetermined but let's see what happens over time...however, im sure it'll have a positive impact on the crypto market/price.
as if it is as they officially say..
but good cover for making it appear as if they have nothing to do with that market, yet..
^^
Yes indeed!