Re: BlackRock's Bold Move: $1.5 Billion Bet on Bitcoin!
Actually I'm amaze with the action they do since this shows that they really have huge confidence that bitcoin would perform more better in future.
But what's really bothering there is if they accumulate a lot more volume then there's really huge chance that in future also they could able to manipulate the price of bitcoin since their company might have more bigger holdings compare to other institutions. So hopefully we see positive things to happen more for bitcoin since if Blackrock will start to dump their bitcoin then maybe this will create a huge damage on the market.
Do they have great faith in bitcoin or are they trying to make bitcoin their own game because like you said they can manipulate the price of bitcoin if they want? It's really hard to know what they're planning with bitcoin when they buy such a large amount.
Overall, Blackrock's massive acquisition of bitcoin has its pros and cons, and it's understandable that people are concerned. But at the end of the day, there's nothing we can do to stop them from buying bitcoin. For example, today the price of bitcoin suddenly dropped to $68k and some ETFs like ARK, Fidelity or Bitwise sold but Blackrock continued to buy a large amount of bitcoin. Today alone, they continue to spend over $300 million buying bitcoin and they don't seem to care about the price of bitcoin or what the market is doing. Should we be happy or sad?
