There has been a lot of speculation as of late regarding the new bitcoin-based exchange-traded fund (ETF) application submitted to the Securities and Exchange Commission (SEC) by BlackRock. Many are calling this a revolutionary moment in crypto, and there are several analysts out there who think it’s going to pave the way for all kinds of good things including future crypto-centered ETFs and a few major bitcoin price booms.
Why the BlackRock BTC ETF May not Be the Best Thing
While it’s no doubt interesting, nobody is asking whether BlackRock – a standard financial company – is the right firm to submit such an application. After all, it’s not like Larry Fink, the man in charge, was always a bitcoin believer. In the past, he’s said some rather negative and derogatory things about the world’s leading digital currency by market cap. He’s also swore off bitcoin products until the industry became legitimized, so why the sudden change of heart? What does BlackRock stand to gain by entering the BTC space?
BlackRock doesn’t exactly have the cleanest history. This is a company that has gotten rich through corporate takeovers, buying neighborhood properties and charging high rents, and selling its soul to China. For example, an article in The Federalist mentions that when several Chinese stocks BlackRock investors were tied to tanked, the company told traders to triple their exposure to the eastern nation. Something about that just doesn’t smell right.
Also, the company has garnered rental properties not through purchasing a few specific houses or condos here and there. Rather, the firm has bought out entire neighborhoods, and it’s not exactly going easy on the rent payments. People living in BlackRock properties can expect to pay a pretty penny for their monthly living expenditures. BlackRock has trillions to its name, but one can argue that it didn’t garner all these trillions by being sweet and nice.
The company has also stirred controversy due to its strong push of ESG (environmental, social, and governance) investing, thus promoting the far left’s woke and damaging agenda.
Bitcoin is not Meant to Be Centralized or Monopolized
With all this in mind, it’s odd that suddenly, BlackRock would want to get involved in bitcoin. Given its strong history with the SEC (it’s had over 500 applications approved in the past), there’s a good chance the product will be approved, but this may not necessarily be the best thing for traders in the long run, as BlackRock – from the examples above – has established a reputation for creating monopolies, something bitcoin was never designed to be.
If bitcoin were to fall into the category of “controlled assets,” much like the homes BlackRock has purchased, this could raise several issues regarding the digital token’s accessibility. The last thing traders need is for bitcoin to become centralized, and with a firm like BlackRock at the helm, BTC becoming so is a distinct possibility.