Guy Swann's avatar
Guy Swann theguyswann@iris.to 2 years ago
The trust as it is set up apparently has no legal obligation to redeem to anyone, even the authorized participants. Which means buying bitcoin through the trust is just giving your fiat to BlackRock, so that BlackRock can buy bitcoin, give you some “shares” which they don’t have to redeem for anything. They take your money, and THEY own the Bitcoin outright. You can’t even sure them. It’s the same shit agreement they have with everyone’s retirement in a sense. They take all your retirement money and buy stock, but they take all of the voting rights. So we hand over all of our retirements and they suddenly have decision making power over practically every company in the economy to direct against our own interests. This will result in a huge price explosion, but this is fucking shit for Bitcoin and bitcoiners.
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Guy Swann's avatar
Guy Swann theguyswann@iris.to 2 years ago
This is a more precise way to put it. It’s bad for those who *think* they are onboarding into Bitcoin from the traditional banking system but really aren’t. But I’d say it’s a net negative (at least in the short or mid term) to have a wave of “adoption” that isn’t increased adoption of Bitcoin at all. Having BlackRock potentially control so much of the flows of Bitcoin could have short term negative effects on market independence. In my mind though it spurs a global race to get allocated and for institutions around the world to get control of their own piece of the flows, which will diminish any attempts to manipulate or strangle the industry by BlackRock.
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