BlackRock Wants Control Over Bitcoin: Is This Good News for Crypto?

•BlackRock filed for a Bitcoin spot ETF, and Fidelity Investments may follow suit
•The investment giant seeks control over forks, which has caused some concerns in the crypto community
•Bitcoin is seen as potentially profitable milking cow for institutional investors

Institutional Interest in Bitcoin

June brought the Bitcoin community 23% price increase and heightened institutional interest. BlackRock, the largest asset manager globally with $9.1 trillion under its wing, filed for a Bitcoin spot ETF. Furthermore, rumor has it that Fidelity Investments (over $4 trillion in AUM) will also file. In 2021 BlackRock called Bitcoin an “untested asset” with a “very small market” but adoption of the flagship crypto is expanding and its price is undervalued.

Concerns in Crypto Community

The filing itself raised concerns in the crypto community because it states that BlackRock would have sole discretion to determine which peer-to-peer network should be considered „the appropriate network“ for their purposes. This means that they seek more control over possible forks which has caused some agitation among the crypto enthusiasts.

Big Money Comes With Big Changes

It doesn’t take a genius to deduce that Bitcoin is experiencing its foray into “big money” like never before but this can bring big changes to the cryptocurrency space. Small retail investors are now being overshadowed by large institutional players such as BlackRock whose chief executive Larry Fink holds solid connections to the World Economic Forum (WEF). His company is also a “policy contributor” according to WEF Board of Trustees memo from Geneva, Switzerland.

Benefit or Not?

The issue of whether fiat interest is beneficial or not still remains unresolved since there are different opinions on this matter within the crypto community. Some believe that increased institutional involvement will bring many positive changes while others remain apprehensive about giving up too much control over possible forks and other aspects of cryptocurrency trading/investing.

Conclusion

Whether or not we should raise a fuss about BlackRock’s entrance into our space still remains unclear since there are conflicting opinions on this matter within the crypto community. Nonetheless, one thing is certain – if Larry offers you an ETF, you take it!