{"id":19638,"date":"2023-06-30T17:17:30","date_gmt":"2023-06-30T17:17:30","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/dont-be-naive-blackrocks-etf-wont-be-bullish-for-bitcoin\/"},"modified":"2023-06-30T17:17:31","modified_gmt":"2023-06-30T17:17:31","slug":"dont-be-naive-blackrocks-etf-wont-be-bullish-for-bitcoin","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/dont-be-naive-blackrocks-etf-wont-be-bullish-for-bitcoin\/","title":{"rendered":"Don\u2019t be naive \u2014 BlackRock’s ETF won’t be bullish for Bitcoin"},"content":{"rendered":"
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There is no doubt that BlackRock\u2019s spot Bitcoin exchange-traded fund (ETF) application \u2014 and the flood of contenders that followed \u2014 has buoyed the bulls. It could signal the winds of change in the regulatory sphere, they say. It could bring Bitcoin exposure to the masses, they holler.\u00a0<\/p>\n
While there might be some truth in these statements, we need to take a step back and look at the bigger picture. We should not be in a world where the mere possibility of a spot Bitcoin ETF coming to fruition in the United States sends markets into overdrive. BlackRock\u2019s potentially oversized impact on Bitcoin\u2019s (BTC) price trajectory should give everyone in the Bitcoin community pause for thought rather than be a cause of celebration. <\/p>\n
A spot Bitcoin ETF would clearly be a simple way for U.S. retirement funds to gain exposure to Bitcoin\u2019s upside, and it\u2019s very possible that an approved ETF in the U.S. would drive significant price appreciation in the years that follow. But what will it do to further Bitcoin\u2019s cause \u2014 to decentralize finance, empower the unbanked and revolutionize how we interact with money globally? Very little, if anything.<\/p>\n
BlackRock\u2019s application and the discussions around it have certainly served as a reminder of the distrust that exists between some parts of the crypto community and the traditional finance world.<\/p>\n
Related: <\/em><\/strong>Ripple verdict could spark a new bull market \u2014 or more malaise<\/em><\/strong><\/p>\n The timing of BlackRock\u2019s foray into Bitcoin ETFs is particularly intriguing and has sent conspiracists wild. Given the Securities and Exchange Commission\u2019s lawsuits against Binance and Coinbase, some believe the agency is disarming crypto-native firms to pave the way for the likes of BlackRock to take over the crypto mantle. <\/p>\n Of course, such claims are unsubstantiated speculation. However, they demonstrate how the more deeply involved traditional finance (TradFi) entities become in the digital assets space, the more we risk Bitcoin becoming just another asset class and losing sight of its intended purpose and true value proposition.<\/p>\n These are the key dates and timeline for the BlackRock Spot Bitcoin ETF<\/p>\n This is how I’m positioning over the coming weeks… pic.twitter.com\/V1Kwvbh8Rc<\/a><\/p>\n\n