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In this video, I discuss a scenario in which BlackRock forks Bitcoin, replaces proof of work with proof of stake, and then tries to recruit nodes to run the new software.
Any intentional or unintentional fork of Bitcoin is bound to fail, just as BCH failed as a fork. This is because rational economic actors will never want to exchange freedom money for a captured, controlled asset.
Because of this, B-BTC is bound to depreciate massively against BTC, and thus fade into irrelevance.
It's not just Bitcoin OGs and libertarians who want freedom money.
It's also:
Every billionaire in the world
Every corporation in the world
Every nation-state in the world
Every central bank in the world
Why would any of these groups ever want to be at the mercy of BlackRock, if they could help it?
Don't want to be at the mercy of BlackRock or any other Wall Street firm today? Then don't buy a Bitcoin ETF. Buy the real thing instead (BTC), and hold it on your own hardware wallet like a Blockstream Jade or Coldcard.
If you do that and run your own Bitcoin node, no one can ever take away your freedom money.
Not investment advice! Consult a financial advisor.
BlackRock's spot Bitcoin ETF S-1 filing:
https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm
BCH market cap:
https://coinmarketcap.com/currencies/bitcoin-cash/
BTC market cap:
https://coinmarketcap.com/currencies/bitcoin/
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
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#blackrock
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