Blackrock Could Change Bitcoin; Bitmex Co-Founder
BlackRock's move into Bitcoin raises concerns about changing the core of the digital money, says BitMEX's Arthur Hayes.
BitMEX co-founder Arthur Hayes thinks that BlackRock, a very big money management company, getting involved in Bitcoin (BTC) might really shake things up for the famous digital money.
In a chat with Tom Bilyeu, Hayes shared that even though he and other money traders are excited about the idea of a Bitcoin product, called an exchange-traded fund (ETF), bringing in lots of new money into the crypto market, he’s worried. He's worried about how much control it might give to the old financial world.
The big question Hayes asked is: “Will these big, central money managers own so much Bitcoin that they change what Bitcoin is all about – like its privacy?”
Could a big company like BlackRock, by owning a lot and perhaps controlling Bitcoin-mining companies, support changes that take away from Bitcoin’s key features, like its strong money system, its resistance to censorship, and its decentralized nature?
The U.S. Securities and Exchange Commission (SEC) hasn't made decisions on several spot BTC ETF requests yet, including BlackRock’s, but is expected to do so by early 2024. At the moment, BTC is priced at $27,065, drawing closer to $26,000.
Hayes also predicted that Bitcoin will reach a valuation between $750,000 and $1 million by the year 2026 providing a positive opinion for the audience
