BlackRock's Pending ETF and the Implications for Bitcoin:
Arthur Hayes' warning comes as BlackRock, the world's largest asset management firm with assets totaling over several trillion dollars, awaits a decision from the U.S. Securities and Exchange Commission (SEC) on its application for a spot Bitcoin ETF.
While the SEC has postponed decisions on numerous such applications, including BlackRock's, as of September, it is expected to rule on them by early 2024.
"Will so much value and currency be owned by these centralized asset managers, who are essentially arms of the traditional finance ecosystem, that the underlying fundamentals of what Bitcoin is—the privacy—will those be altered?" Hayes questioned.
