Cardano’s Charles Hoskinson Dislikes BlackRock’s Spot Bitcoin ETF Entry
Summary: BlackRock changed course and filed for a Spot Bitcoin ETF. Charles Hoskinson bemoaned the Bitcoin community's positive welcome to Blackrock's Bitcoin ETF plan, calling their goals run opp to ethos of decentralization. Bitcoin ETF approval by the SEC is pending.
BlackRock, the biggest asset manager in the world, has come a long way in its acceptance of the cryptocurrency market since CEO Larry Fink called Bitcoin “an index of money laundering” in 2017. BlackRock reversed course and established a task force to investigate cryptocurrency and blockchain later on.
Onboarding Crypto Ship
This about-face is consistent with the mistrust of JP Morgan CEO Jamie Dimon towards crypto assets. But the Wall Street firm keeps developing crypto and web 3.0-related products.
Traditional banking institutions have all shown early skepticism about cryptocurrency. However, it is suggested that Wall Street titans want a big piece of the cryptocurrency market before U.S. authorities establish firm guidelines for the sector.
Goals Run Counter to Decentralization
Charles Hoskinson, the founder of rival cryptocurrency Cardano, has lamented the Bitcoin community’s warm reception of BlackRock’s Bitcoin ETF proposal. For him, this is because BlackRock stands in for the vast majority of old-school corporations whose goals run counter to the ethos of decentralization at the heart of the Bitcoin movement.
“Bitcoiners defending Blackrock is all you need to know about their ethics, mental state, and greed.”
All Eyes on SEC
The U.S. Securities and Exchange Commission (SEC) has yet to rule on the Bitcoin ETF application, and it is unclear when they will. Given the breadth of firms in BlackRock’s portfolio, approval would be a huge boost for the cryptocurrency industry.
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