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The price of bitcoin touched $45,000 per bitcoin before falling slightly. rising steadily since October as market prepares for a 'Biden bailout' in 2024.
Now, after Wall Street giant BlackRock primed the market for major turmoilA legendary trader has predicted that the impending bitcoin exchange-traded fund (ETF) from the world's largest asset manager could be about to "completely destroy bitcoin."
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The price of bitcoin has been boosted by the Wall Street rally led by BlackRock in recent months.
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"If ETFs managed by [traditional finance] If asset managers become too successful, they will completely destroy bitcoin," bitcoin and cryptocurrency trader Arthur Hayes, co-founder of crypto derivatives pioneer BitMex, wrote in the article. a blog post.
Hayes argued that if BlackRock, which is in "the asset accumulation game," hoovers up all the bitcoins, there will be no more bitcoin transactions and those who secure the bitcoin network in exchange for fees and newly minted bitcoins, known as miners , " "They couldn't afford the energy it costs to protect the grid. As a result, they would shut down their machines. Without the miners, the network dies and Bitcoin disappears."
Hayes, who also predicted that China is about to "flood the world with yuan credit," said the death of bitcoin would "create room for another cryptocurrency network to grow in its place. This network could simply be a reboot of bitcoin or something like that". different that is an improved adaptation of the original bitcoin. Either way, people will once again have a monetary asset and a financial system not controlled by the state."
Hype surrounding BlackRock's bitcoin spot ETF application, which is expected to receive the green light from the US Securities and Exchange Commission (SEC) early in the new year. has fueled expectations that a surge in Wall Street cash could be about to rush into bitcoin.
This week, a leak of confidential discussions between the SEC and executives of the 13 asset managers in the race to bring a bitcoin spot ETF to market revealed that the SEC set a December 29 deadline for "updates." final" of their applications. reported by Reuters.
Two executives said Reuters The SEC has 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 ramping up preparations for approval.
"BlackRock hopes to sow [its bitcoin spot ETF] with $10 million on January 3," said Bloomberg Intelligence analyst Eric Balchunas. aware to X. "The date is notable and that it is a fairly large increase over the $100,000 [BlackRock] planted in October."
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The price of bitcoin has recovered strongly this year, rising largely thanks to BlackRock's strategy. ... [+]
Forbes Digital Assets
Bitcoin and cryptocurrency market analysts predict a boom in Bitcoin price if the SEC goes ahead with the expected approval of the Bitcoin spot ETF application list.
“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 should lift bitcoin prices above $50,000 by the end of January 2024. The SEC has responded quickly and frequently, and after productive meetings between the SEC and ETF issuers, there appears to have been sufficient progress. BlackRock "has met five times and Grayscale four times with the SEC over the past few weeks."
