The biggest investment firm in the world has come a long way in terms of embracing the cryptocurrency market since Blackrock CEO Larry Fink called Bitcoin “an index of money laundering” in 2017.
Afterwards, Blackrock chose to change strategy and set up a team to research cryptocurrency and blockchain technology.
This shift of Blackrock’s mind is comparable to Jamie Dimon, CEO of JP Morgan, who was sceptical of crypto assets. Nevertheless, the Wall Street bank keeps developing products centred on Web 3.0 and cryptocurrency.
Notingly, all major financial institutions were sceptical of digital currencies. Yet it is asserted that the Wall Street huge companies want to control a sizeable portion of the cryptocurrency market before American regulators establish definite guidelines for the sector.
Charles Hoskinson, the creator of Cardano, criticised the Bitcoin community for accepting the Blackrock Bitcoin ETF proposal. This is reportedly due to Blackrock’s depiction of a sizable portion of traditional corporations, whose values do not mesh with the decentralisation concept that supports Bitcoin.
Charles said, “Bitcoiners protecting Blackrock is all you have to understand regarding their morality, mental health and greed.”
The Securities and Exchange Commission (SEC) of the United States has yet to decide whether or when to act on the filing for a Bitcoin ETF. Given Blackrock’s extensive portfolio of managed firms, approval would represent a significant step towards the general adoption of the cryptocurrency market
