Bitcoin ETF Excitement Questioned Following Fake News Report

Ray Youssef called on the community to exercise caution over BlackRock’s interest in Bitcoin.

Sad young woman shedding tears whilst hugging a Bitcoin in the clouds.
Created by Gabor Kovacs from DailyCoin
  • BlackRock CEO praises Bitcoin following false ETF approval report
  • Ray Youssef warns about BlackRock’s interest in Bitcoin.  
  • BlackRock has been accused of anti-free market practices.

Cryptocurrency is no stranger to sensationalism, speculation, and fake news. So when a report emerged on Monday proclaiming that the Securities Exchange Commission had rubberstamped BlackRock’s Bitcoin ETF application, the crypto sphere erupted into a frenzy. This caused BTC to surge above $30,000 for the first time since early August.

Later that day, BlackRock CEO Larry Fink appeared on Fox Business to confirm the report as fake news. Fink spoke positively about Bitcoin’s price surge, calling it “a flight to quality” amid tumultuous geopolitical conditions. Not everyone welcomed Fink’s take, however. The Built With Bitcoin Foundation (BWBF) co-founder, Ray Youssef, cautioned that “we should all be concerned” when Fink praises Bitcoin.

Bitcoin to Become “Irrelevant

Youssef sounded the alarm over the head of the world’s “biggest corporate cartel,” speaking positively about Bitcoin. Youssef explained that Fink’s praise of Bitcoin indicates that BlackRock has worked to make the leading cryptocurrency “irrelevant.”

Continuing with his message, the BWBF co-founder drew attention to the 14-year head start retail investors have had over BlackRock while also referring to 2030 as a deadline for the community to “take it all back.”  

A Twitter user responded by implying that Bitcoin’s immutability means there is nothing to be concerned about. However, Youssef cautioned against underestimating BlackRock’s influence on core developers and miners. Youssef believes BlackRock can exert significant pressure on these groups, making it important to remain vigilant.

The impact of BlackRock’s interest in Bitcoin is still up for debate. On one hand, the company’s involvement with digital assets would likely legitimize the space and lead to increased trading volume. However, lingering concerns about being associated with BlackRock and its web of influence exist.

BlackRock Owns the World

As the world’s largest asset manager, BlackRock has come under fire for how it wields its formidable influence. Critics argue the firm advances its agenda rather than acting in the best interests of the rest of society. The firm has been accused of undermining competition by owning stakes in rival companies and blurring the boundaries between the private and public sectors through close collaboration with regulators.

As a dominant shareholder in many major corporations, the firm holds tremendous sway over executive pay, mergers, and other pivotal corporate matters. This concentration of power creates potential conflicts where BlackRock may prioritize its interests over shareholders, workers, or even the broader economy. 

On the Flipside

  • The strength of Monday’s rally highlighted the extent to which markets want a BlackRock ETF.
  • Spot Bitcoin ETFs would sway previously cautious investors by answering regulatory and custody concerns.

Why This Matters

It appears that BlackRock has no interest in fair and open markets. This alone is cause for concern among those who cling to the cryptocurrency ideals of decentralization and true libertarianism.

Learn more about BlackRock’s participation with the JPMorgan blockchain here:
JPMorgan Debuts Tokenization Network with BlackRock’s Trade

Find out just how big of a Bitcoin whale the US government is here:
Who Owns More Bitcoin, Uncle Sam or MicroStrategy?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.