The pros and cons of BlackRock’s bitcoin $BTC ETF proposal: It’s Wall Street stockbrokers and centralized players versus the organizing principle of blockchain, decentralization HeleneBraunn reports
– partly as a backlash against the Wall Street excesses that fueled the global financial crisis a year earlier – as an internet-based, peer-to-peer payments network that would be free from government control.
“Crypto is losing the plot,” said Jim Bianco, president of Bianco Research. “It is supposed to be about decentralization, permissionless and self-sovereignty. Getting excited that it is going to become a more accessible poker chip is nice and will help degens in the short term, but it will not help to fulfill the real promise of crypto.”,” said on Wednesday that it could “revolutionize finance.
“Arguments have been made that ETFs, as well as bitcoin exchanges, ignore what some believe is the single most important feature of bitcoin, the ability to control their funds without the need to place trust in a third-party to manage the asset,” said Jim Iourio, managing director of TJM Institutional Services and a veteran futures and options trader. “This flies in the face of Bitcoin’s entire point of existence.
When it comes to ETFs, the provider owns the underlying asset and sells shares of the fund to investors. It works in a way that crypto was built to change.
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