The third-largest #bitcoin wallet's owner is a matter of debate in the bitcoin industry. In advance of the pending Bitcoin ETF filing, many think it belongs to BlackRock.
While many are applauding the news and viewing it as a positive step for the virtual currency, Lark Davis, a prominent figure in the #cryptocurrency community, is urging people not to celebrate this development.
In a video uploaded on Thursday, Davis hypothesises that BlackRock's interest in Bitcoin may not be in line with the ideals of the "Bitcoin revolution," but rather may be motivated by "nefarious" goals such as creating a Bitcoin ETF.
A Questionable #BlackRock Friend
BlackRock's $10 trillion war chest's enormous size has likely contributed to its dubious reputation. BlackRock has unmatched power and influence in corporate America and Washington, as well as a "revolving door" relationship with the White House and a history of funding political campaigns.
According to Davis, BlackRock certainly has more ambitious goals than simply increasing its user base to include regular stock investors who want exposure to Bitcoin without really owning the virtual currency. Davis stresses:
"They purchase governments and politicians. organisations that are incredibly strong but not our friends. No, they are not, and they never have been, here for us. It's really an issue.
Does It Matter Who Owns the Bitcoin Wallet?
BlackRock's financial clout will unavoidably spread into the cryptocurrency space as part of what Davis terms a "contract with the devil," even if it is not the owner of the enigmatical wallet.
Davis appears to have missed an important point, which is interesting because BlackRock indirectly owns over 12,000 BTC thanks to its 8.1% ownership in MicroStrategy. In actuality, BlackRock is just slightly behind Michael Saylor as the second-largest stakeholder in MicroStrategy.
Similar anti-institutional remarks were made by Vitalik Buterin, the co-founder of Ethereum, in 2022. He expressed satisfaction with the delay in ETF approvals, saying that it will give the crypto ecosystem time to develop before drawing even more attention.
Michael Novogratz, CEO of Galaxy Digital, on the other hand, presented a different viewpoint. In a recent interview, he mentioned that Larry Fink, the CEO of BlackRock, had been "orange pilled," a word used to describe a move towards favouring cryptocurrencies. Novogratz contends that Fink, who was originally dubious about cryptocurrencies, has changed his mind.
In conclusion, The issue of whether BlackRock will be a positive or negative factor in the crypto ecosystem lingers as the discussion rages on. The institution's ETF application success rate is 99.8%, so even while doubts about its genuine objectives persist, it might not matter.
It is safe to assume that BlackRock has the advantage.