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Cryptocurrency discussions / Re: Why BlackRock Was the BIGGEST MISTAKE for Bitcoin
« on: May 31, 2024, 07:51:14 PM »I think we are forced to accept and make trade-offs when giants from Wall Street like BlackRock come to this market. They can help the market grow stronger, become more popular, and have a clearer position in the economy, but their ultimate goal is always to seek profits rather than do charity. We can only focus on investing and always be cautious of their manipulation schemes. I believe that BlackRock not only wants to earn revenue from management fees for BTC & ETH Spot ETF, but they may also manipulate, accumulate BTC, and become whales in this market.You are right, ETFs have its own pros and cons, when big money comes into the market, more manipulation take place, these centralized platform are acquiring too much BTC that it might affect the decentralized factor of BTC. It can make it less anonymous and can infiltrate the security as well. Besides I think that's not the main point of the Whitney.
She is also concerned about CBDC, she thinks what if people buying BTC ETFs are forced to backup or pair there funds into CBDC then into fiat. Means they will be left with no choice but to use CBDC in order to buy and sell the ETFs. If that's happen then you are already became so centralized. Although choosing ETfs over real BTC is the first step toward centralization but to make CBDC more successful they could make it a requirement for traditional investors using these big companies to manage there funds.