Well, ladies and gentlemen, it seems the crypto world has found another dance partner. Who’s this handsome devil, you might ask? It’s none other than the world’s largest asset manager, BlackRock. That’s right, BlackRock CEO Larry Fink has decided to switch his rhythm from a safe waltz to the unpredictable, high-speed techno of Bitcoin.
Playing Roulette with ‘International Assets’
In his recent interview with Fox Business, Larry Fink announced his latest love for Bitcoin. He grandly refers to it as an “international asset.” So, an asset that is subject to price swings that could give you whiplash. An asset that can drop thousands of dollars in minutes. Isn’t that the kind of financial stability we’re all looking for?
Of course not.
Fink seems to believe this ‘international asset’ will somehow “revolutionize finance.” Now, correct me if I’m wrong, but doesn’t a revolution usually involve more than just a few elite gamblers and a roulette wheel spinning at breakneck speed?
Democratizing Bitcoin: A Spot ETF for All
But hold on, it gets better. Fink has the audacity to claim that BlackRock is going to “democratize Bitcoin.” This apparently involves launching a Bitcoin spot ETF, which will supposedly allow anyone and everyone to invest directly in Bitcoin.
Imagine it now: Your retirement savings careening through cyberspace, dropping thousands of dollars in an instant, while the BlackRock elite watch from their ivory tower. Does that sound like democracy to you?
Of course not.
But hey, let’s not get ahead of ourselves. After all, Fink’s previous skepticism towards Bitcoin suddenly morphing into affectionate endorsement couldn’t possibly have anything to do with his company’s bottom line, could it?
The beautiful thing about sarcasm, ladies, and gentlemen, is that it often dances with the truth. And the truth is institutions like BlackRock are less interested in democratizing wealth and more interested in ensuring they continue to control it.
So the next time Larry Fink talks about democratizing Bitcoin, remember that democracy is about equal rights, not equal risk. In this Bitcoin boogie, who do you think is more likely to be left without a chair when the music stops?