Just In: BlackRock Could Gain Power To “Change Bitcoin”

It has been just reported that BlackRock could gain enough power to change Bitcoin. Check out the terrifying prediciton below.

Arthur Hayes, the co-founder of BitMEX, has expressed concern over the potential impact of BlackRock, the world’s largest asset management firm, entering the Bitcoin market.

Hayes believes that the entry of such a giant firm could fundamentally change the nature of Bitcoin, even as traders look forward to the possibility of a Bitcoin exchange-traded fund (ETF) that could bring in significant investment to the crypto market.

The crypto veteran highlights that the real challenge that the digital asset industry will face in the future is the potential influence of traditional finance.

“Will so much value and currency be owned by these centralized asset managers, who are essentially arms of the TradFi (traditional finance) ecosystem, that the underlying fundamentals of what Bitcoin is – the privacy – will those be altered?”

He continued and pointed out the following:

“Will a BlackRock support through maybe ownership and large mining companies, different sorts of improvement protocols… detract from the immutability of the money, or the censorship resistance or the decentralization?”

The U.S. Securities and Exchange Commission (SEC) has put off decisions regarding multiple spot BTC ETF applications, including one from BlackRock, until late September.

However, the regulator is expected to make rulings on some of them in early 2024. At the time of writing, BTC is valued at $27,477. As you can see, BTC has declined by 0.64% over the past 24 hours.

Bitcoin has experienced a significant increase in volatility during the first week of October, and industry experts predict that this trend could persist throughout the rest of the month.

According to Bitfinex Alpha’s report on Monday, bitcoin has been more volatile than the past 200 days on average since the beginning of October.

The report also noted a historical pattern where major equity indices tend to experience volatility first before it affects other risk assets such as Bitcoin.