A fervent fan of bitcoin (BTC), Arthur Hayes predicted that the asset would see its price explode to reach a valuation of $1 million. This could happen if BlackRock gets the Bitcoin ETF it filed for this. But this prospect, at first glance interesting for the crypto industry, hardly reassures the investor.
Arthur Hayes fears too much influence from BlackRock on cryptos
What would happen to the crypto market if an asset manager like BlackRock gets a bitcoin ETF? Beyond the positive prospect it represents for the adoption of the flagship crypto, the idea raises questions from certain experts like Arthur Hayes.
The latter expressed himself about this in a recent interview. On this occasion, he warned that BlackRock’s involvement could fundamentally transform the ecosystem around the market’s leading crypto.
Firstly, for the better, since Arthur Hayes has expressed his enthusiasm about the prospect of a bitcoin ETF. This, in a context of significant influx of capital which could flood the crypto market.
But this possibility does not only have good sides. The investor also expressed his apprehensions about the influence he could have on the characteristics that essentially make bitcoin and cryptos relevant.
BTC fundamentals challenged with ETF approval?
What worries Arthur Hayes is that the support of BlackRock and asset managers would lead to the alteration of the fundamental principles of bitcoin. He fears that these traditional finance behemoths will compromise the privacy, immutability, censorship resistance and decentralization that the crypto industry holds dear.
This question is highly relevant. It reflects a broader concern within the crypto community. A fear about the impact of institutional involvement on the ethics and fundamental characteristics of cryptos.
Note that at the end of September, the SEC postponed its decision regarding numerous applications for spot Bitcoin ETFs, including that of BlackRock. The US financial regulator is expected to rule on several of these requests by early next year.
One thing is certain. The outcome of these decisions could significantly influence the future of bitcoin. Experts are unanimous in saying that the broader crypto market should also be impacted.
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