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BlackRock will ‘completely destroy Bitcoin’: Shock price warning as leak reveals huge ETF Spot date update

Updated 12/26 below. This article was originally published on December 24

BitcoinBTC has soared this year, with the price of Bitcoin surging this month to highs not seen since early 2022 – with an earthquake in China suddenly appearing on the horizon.

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The price of bitcoin hit $45,000 per bitcoin before falling slightly, rising steadily since October as the market prepares for a “Biden bailout” in 2024.

Today, after Wall Street giant BlackRock primed the market for a major shake-up, a legendary trader predicted that the world’s largest asset manager’s Bitcoin spot exchange-traded fund (ETF) could be on the point of “completely destroying Bitcoin”.

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MORE FROM FORBES“Big News” – Forget Spot Bitcoin ETF, a Huge Unexpected Banking Reversal Could Be About to Hit the Price of Bitcoin, Ethereum, XRP, Solana and Crypto

“If ETFs run by (traditional financial) asset managers do too well, they will completely destroy bitcoin,” wrote bitcoin and crypto trader Arthur Hayes, who co-founded crypto derivatives pioneer BitMex, in an article of blog.

Hayes argued that if BlackRock, which is in “the asset accumulation game,” sucks up all the Bitcoin, there will be no more Bitcoin transactions and those who secure the Bitcoin network in exchange for fees and Newly created Bitcoin, known as miners, ” “They could not afford the energy needed to secure the network. As a result, they would turn off their machines. Without miners, the network dies and bitcoin disappears.”

Updated 12/26: Institutional investors will take a more active interest in crypto markets next year if a spot Bitcoin ETF is approved, the Federal Reserve cuts interest rates, and lawmakers finally create a some regulatory clarity, according to analysts. interrogates by The Block.

“Since the end of October, there has been a notable increase in institutional activity, largely due to anticipation of potential ETF news expected in January and the strategic positioning of clients for this event,” said Luuk Strijers , commercial director of Deribit, to The Block.

Hayes, who also predicted that China was poised to “flood the world with yuan credit,” said the death of bitcoin would “create space for another cryptocurrency network to grow in its place . This network could just be a bitcoin reboot or something. different, it is an improved adaptation of the original bitcoin. Either way, people will once again have a monetary asset and financial system not controlled by the state.

The hype surrounding BlackRock’s Bitcoin Spot ETF app, which is widely expected to receive the green light from the U.S. Securities and Exchange Commission (SEC) early in the new year, has fueled expectations that a surge in Wall Street liquidity may be about to rush into bitcoin.

This week, a leak of confidential discussions between the SEC and executives of the 13 asset managers racing to market a Bitcoin spot ETF revealed that the SEC had set a December 29 deadline for “final updates.” of their applications, it was reported by Reuters.

Two leaders said Reuters that the SEC indicated it could approve a “wave” of Bitcoin spot ETF applications in the first business days of 2024, as BlackRock’s latest filing shows it is accelerating preparations for the approval.

“BlackRock expects to launch (its spot Bitcoin ETF) with $10 million on January 3,” Eric Balchunas, analyst at Bloomberg Intelligence. job at

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Bitcoin and crypto market analysts are predicting a Bitcoin price explosion if the SEC follows through on the expected approval of the Bitcoin spot ETF application listing.

“We expect the SEC to approve Bitcoin spot ETFs in January,” Markus Thielen, head of research and strategy at Matrixport, wrote in an emailed comment.

“This is expected to push bitcoin prices above $50,000 by the end of January 2024. The SEC responded quickly and frequently, and after productive meetings between the SEC and ETF issuers, it appears there have had sufficient progress. BlackRock has met five times and Grayscale four times. several times with the SEC in recent weeks.

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