Crypto Market News: From Blackrock chief executive officer Larry Fink calling Bitcoin “an index of money laundering” in 2017, the world’s largest asset manager came a long way in terms of crypto market adoption. Later, Blackrock made a turnaround and decided to form a working group to study crypto and blockchain technology. This turnaround is akin to JP Morgan CEO Jamie Dimon’s skepticism on the crypto assets. Yet, the Wall Street bank continues to build products around crypto and web 3.0.
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Mainstream financial companies have all initially been resistant to cryptocurrencies. However, it is argued that the Wall Street giants would like to have significant share in the crypto market before the United States regulators lay out clear rules for the industry.
Blackrock Vs Bitcoin
Cardano founder Charles Hoskinson criticized the Bitcoiner community’s welcoming of the Blackrock Bitcoin ETF application. This is apparently because Blackrock represents a massive chunk of traditional businesses whose values are not aligned to the vision behind Bitcoin philosophy, which is decentralization. He said,
“Bitcoiners defending Blackrock is all you need to know about their ethics, mental state, and greed.”
Meanwhile, it remains to be seen if and when the U.S. Securities and Exchange Commission (SEC) would take a decision on the Bitcoin ETF application. An approval mean massive inroads to mainstream adoption of the crypto market, considering the wide range of portfolio companies Blackrock manages.
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