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Asset management giant BlackRock’s recent filing to launch a Bitcoin Exchange Traded Fund (ETF) has sparked controversy within the cryptocurrency community, with mixed reactions and concerns about the involvement of traditional financial giants in the industry. It is
The move by the world’s largest asset manager to enter the cryptocurrency space is seen by many as an important test for the industry, especially after a turbulent period of bankruptcies and scandals.
However, some in the cryptocurrency community have already begun to raise red flags about BlackRock’s possible entry into this space, with the traditional Wall Street giants vying for their own interests rather than native cryptocurrency companies and users. He points out that there is a high possibility that he is thinking about it.
Is power over cryptocurrencies shifting to traditional financial firms?
Critics say BlackRock’s filing could be part of a broader power shift in favor of traditional financial institutions in the cryptocurrency industry.
Among those who alluded to it was popular Bitcoiner and venture investor Nick Carter, who tweeted that the SEC will file an ETF with BlackRock “now that the fangs of crypto-native companies have been bared.” suggested that it may have “induced”
This sentiment, shared by many in the community, echoes the recent launch of EDX Markets, a cryptocurrency exchange backed by notable Wall Street players such as Citadel Securities, Fidelity and Charles Schwab, as well as the US It was further bolstered by a new ETF filing from Something like Valkyrie Fund.
As an insider at Business News Media recently stated, articleBlackRock has long been interested in the crypto space and already has a dozen executives focused on it.
However, skeptics have expressed concern that core principles of cryptocurrencies such as privacy and decentralization could be violated, the article said, citing the involvement of major financial firms as a threat to the destructive nature of cryptocurrencies. pointed out that it is considered
The same stance was taken by an insider article, comparing traditional financial institutions’ entry into cryptocurrency to “putting a fox in a chicken coop.”
“Contrary to what management might say publicly, financial companies continue to fight. It’s ‘burning the boat,'” the insider reminded readers.