Bitcoin ETFs are not your friend
Don't you think it's strange that large institutions suddenly became interested in cryptocurrency?Original source: The Smart Ape X account
Author: The Smart Ape
Compilation: Peisen, BlockBeats
Editor's note: After the launch of the Bitcoin ETF, the crypto market welcomed an ETF bull run, followed by a 180-degree turnaround in regulatory attitudes towards Ethereum ETFs, with the approval of 19b-4 filings, and VanEck also submitted its first Solana ETF application. The market cheers for the launch of ETFs, but there are also many concerns. @thesmartape believes that ETFs actually undermine the crypto ecosystem. BlockBeats compiles the original text as follows:
Don't be foolish!
Do you think Bitcoin, Ethereum, and Solana ETFs are good for the ecosystem? You're wrong! They are just a Trojan horse that makes something that was originally uncontrollable become controllable. Here’s what you need to know.
When I see everyone celebrating the approval of Bitcoin, Ethereum, and other ETFs, I feel despair.
Don't you find it strange that large institutions suddenly show interest in cryptocurrencies? Don't be a lamb to the slaughter; you absolutely need to understand what is happening.
In the past, BlackRock was a major critic of Bitcoin.
Larry Fink said, "Bitcoin just shows you how much demand there is for money laundering in the world. That's it." Then suddenly, they miraculously realized it was a revolutionary technology and launched a spot ETF!
Don't you find that odd?
But as you can see, BlackRock is not only interested in Bitcoin; they are also interested in many ecosystem projects. They have a global tokenization public plan, which means they want to tokenize all assets in the world, such as real estate, energy, agriculture, etc.
You might say, so what? This is good for us! But in reality, it is not…
Let's start with Bitcoin! Everyone knows that Bitcoin is an insurmountable barrier, and BlackRock understands that the only way to undermine Bitcoin is to attack it from within.
ETFs turn Bitcoin into a speculative product or a store of value! This deviates from Satoshi Nakamoto's original utility, which is a peer-to-peer payment system.
For those who think this is impossible due to high transaction fees or long verification times, there are L2 solutions on Bitcoin that can address this! The Lightning Network is a great example.
The lack of liquidity in BTC may hinder its use in L2, thus giving it more utility and more freedom. Fortunately, for now, most Bitcoin is held by individuals, but over time, this share will inevitably decrease.
As you can see, ETFs account for 4% of the total BTC supply, which may seem low, but note that this is just what they have accumulated in a few months. Moreover, 4% is what is needed to make the Lightning Network comparable to payment networks like Visa and Mastercard.
ETFs make Bitcoin more manipulable.
Did you know there are clauses that allow Bitcoin ETFs to be liquidated at any time? All ETFs have the same terms. For any restrictions (such as regulations), all Bitcoin can be liquidated, and ETF holders can be reimbursed in USD. Imagine the massive liquidation this could lead to.
But this is not the only way to manipulate prices. BlackRock chose JPMorgan as one of its peers for its spot Bitcoin ETF. In terms of assets, it is the largest bank in the U.S., but it is not without financial scandals.
On December 6, 2023, JPMorgan CEO Jamie Dimon stated that if he were the government, he would "shut down" Bitcoin and cryptocurrencies. Twenty days later, they were named by BlackRock as the counterparty for the Bitcoin ETF.
Do you see it more clearly now?
Anti-Bitcoin but not anti-blockchain. Last October, they launched a private blockchain called the Tokenized Collateral Network (TCN), which allows assets to be used as collateral. Guess who participated in one of the largest transactions on this network?
Of course, it was BlackRock!
Additionally, JPMorgan has been accused of manipulating prices using gold ETFs, and they had to pay over $1 billion in fines. They manipulated gold prices; do you really think they won't manipulate Bitcoin prices?
The medium to long-term goal is to create a system where everything will be tokenized and controlled by financial elites. I'm talking about forests, trees, rivers, etc… All of this follows the public plan set by the United Nations Sustainable Development Goals for 2030.
These are the 17 goals set by the United Nations, including:
- Digital development using integrated wallets
- Development of health cards
- Creation of digital currencies
- Smart city design (15-minute cities)
- Development of blockchain technology
BlackRock shares a common vision with the United Nations and seems to be moving in that direction. The first question you should ask yourself is, what are my goals?
For me, it is the freedom and independence of payment systems, as well as the freedom and independence of technology. The blockchain introduced with Bitcoin allows for all of this.
But BlackRock, the government, and others have the opposite goals.
Do they want your freedom? Your independence? Of course not!
In this case, don't make it easy; hold onto your Bitcoin and be more vigilant about the future products they announce.
