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BTCETF can bring in a lot of funds, but it's not our friend.
Author: The Smart Ape
Compiled by Peisen, BlockBeats
Editor’s note: Following the launch of BTC ETF, the encryption market welcomed a bull ETF, followed closely by a 180-degree turnaround in regulatory attitudes towards ETH ETF, approving the 19b-4s document. VanEck also took advantage of this by submitting the first Solana ETF application. The market cheered for the launch of the ETF, but there were also many concerns. @the_smart_ape believes that ETFs actually disrupt the encryption ecosystem. BlockBeats translates the original text as follows:
Don’t be silly!
Do you think BTC, ETH, Solana, and ETF are beneficial to the ecosystem? You’re wrong! They are just Trojan horses that can make originally uncontrollable things controllable. Here’s what you need to know: 01928374656574839201
When I see everyone rejoicing over the approval of ETFs like BTC, ETH, etc., I feel desperate.
Do you find it strange that big institutions suddenly show interest in Cryptocurrency? Don’t be a lamb waiting to be slaughtered. You definitely need to understand what is happening.
In the past, BlackRock was a major critic of BTC.
Larry Fink said, “BTC simply shows you the world’s long for Money Laundering. That’s it.” And suddenly, they magically realized it was a revolutionary technology and released a Spot ETF!
Don’t you find it strange?
But as you can see, BlackRock is not only interested in Bitcoin, but also in many ecosystem projects. They have a global tokenization public plan, which means they hope to tokenize all assets in the world (such as real estate, energy, agriculture, etc.).
You might say, so what? This is good for us! But in fact, it’s not the case…
Let’s start with BTC! Everyone knows that BTC is an insurmountable barrier. BlackRock understands that the only way to disrupt BTC is to attack it from within.
ETF turns BTC into a speculative product or means of store of value! This deviates from Satoshi Nakamoto’s original vision, which is a peer-to-peer payment system.
For those who think it’s impossible due to high Money Laundering fees or long verification times, BTC has an L2 solution to solve this problem! Lighting Network is a good example.
The lack of Liquidity in BTC may prevent BTC from being used in L2, giving it more long functionality and more long freedom. Fortunately, for now, a large long number of BTC is held by individuals, but over time, this share will inevitably decrease.
As you can see, ETF accounts for 4% of the total BTC, which may seem low, but please note that this is only what they have accumulated in the past few months. In addition, 4% is what is needed to make the Lighting Network a Payment Network comparable to Visa and Mastercard.
ETF makes BTC more manipulable.
Are you aware that there is a provision allowing BTC ETFs to be liquidated at any time? All ETFs have the same provision. For any restrictions, such as regulation, all BTC can be liquidated and ETF holders can be redeemed in USD. Imagine the potential for massive liquidation this could cause.
But this is not the only way to manipulate prices. BlackRock chose JPMorgan as one of its SpotBTC ETF peers. In terms of assets, it is the largest bank in the United States, but it is not without financial scandals.
On December 6, 2023, Jamie Dimon, CEO of JPMorgan Chase, said that if he were the government, he would “shut down” BTC and Cryptocurrency. Twenty days later, they were named as the trading counterpart of the BTC ETF by BlackRock.
Do you see more clearly now?
Anti-Bitcoin but not anti-blockchain. In October last year, they launched a private blockchain called tokenizationCollateral Network (TCN), which allows assets to be used as Collateral. Guess who participated in one of the largest transactions on this network?
Of course it’s BlackRock!
In addition, JPMorgan is accused of manipulating the price of gold ETF and has to pay a fine of over 1 billion dollars. They manipulated the price of gold, do you really think they won’t manipulate the BTC price?
The medium and long-term goal is to create a system in which everything will be tokenized and controlled by financial elites. I’m talking about forests, trees, rivers, etc… All of this follows the public plan set for 2030 in the United Nations Sustainable Development Goals.
These are the 17 goals set by the United Nations, including:
BlackRock shares a common vision with the United Nations and seems to be moving in that direction. The first question you should ask yourself is, what is my goal?
For me, this is the freedom and independence of the payment system, as well as the freedom and independence of technology. The blockchain introduced with BTC allows all of this.
But BlackRock, governments, etc. have opposite goals.
Do they want your freedom? Your independence? Of course not!
In this case, don’t make things easy, keep your BTC and be more cautious about their future products.