BlackRock 'Will Completely Destroy Bitcoin'—Shock Price Warning As Leak Reveals Huge Spot ETF Date Update
Bitcoin's price surge and the potential impact of BlackRock's looming bitcoin spot exchange-traded fund (ETF)
Bitcoin Price Surge and Biden Bailout
The bitcoin price has skyrocketed this year, reaching levels not seen since early 2022 amidst the anticipation of a China earthquake.
Recently, the price touched $45,000 per bitcoin before experiencing a slight drop, as it has been steadily climbing since October in preparation for a potential 'Biden bailout' in 2024.
BlackRock's Warning and Bitcoin's Future
Arthur Hayes, a well-known bitcoin trader, has warned that if traditional finance asset managers, such as BlackRock, become too successful with their ETFs, they could completely destroy bitcoin.
Hayes argues that if BlackRock accumulates all the bitcoin, it would eliminate bitcoin transactions, leading to miners shutting down their machines due to unaffordable energy costs for securing the network.
However, Hayes believes that the death of bitcoin would open up opportunities for another cryptocurrency to take its place as a non-state-controlled monetary asset and financial system.
Expectations Around BlackRock's Bitcoin Spot ETF
The leaked confidential discussions between the U.S. SEC and the executives of various asset managers involved in bitcoin spot ETF applications reveal that a December 29 deadline has been set for final updates.
It is widely expected that the SEC will approve a wave of bitcoin spot ETF applications in early 2024, potentially leading to a surge of Wall Street cash flowing into bitcoin.
Market analysts predict a bitcoin price boom if the expected approval of bitcoin spot ETFs by the SEC occurs in January, with prices potentially surpassing $50,000 by the end of the month.