BlackRock entering their bitcoin ETF in the beginning will be a boon for the price of Bitcoin, but in the long run it will be a nightmare for the community, on page 24 BlackRock says it will choose the side of the net, and when that happens will the will we go along with BlackRock? and miners go looking for the fork that provides more liquidity, this is a nightmare for decentralization for a company with a lot of power to enter bitcoin that has not yet reached its maturity.
I think that's a great news for us, if the Blackrock does that purely by finding bitcoin as usable asset then that could really move the price of Bitcoin to higher levels as investors will get more confidence to invest in it. I think this time Blackrock is somehow favoring Coinbase as its custodian, which was sued by Sec, and that will restore the reputation of that exchange. The market will change its shape if such news reports start appearing, and I have seen that with each good news the market finds its way for a pump.
I don't think that it will ever be a nightmare because if an asset manager like Blackrock is interested into Bitcoin and is making its way to enter the crypto-market then that will be really good things for the market and for the miners. The market will continue growing because of such news, and the investors will gain more confidence to invest in Bitcoin. I hope things will improve further in the market, and we will soon be able to see another pump that would take price of BTC above $30k range. Let's hope for the best!