Arthur Hayes Warns of BlackRock's Potential to Influence Bitcoin (BTC) and Its Multi-Trillion-Dollar Impact

BitMEX Co-founder Arthur Hayes Issues Warning: BlackRock's Entry into Bitcoin (BTC) May Significantly Alter the Leading Cryptocurrency

In a recent interview with Tom Bilyeu, Arthur Hayes acknowledges the excitement among traders about the potential for a spot Bitcoin exchange-traded fund (ETF) and the influx of capital it could bring to the crypto market. However, he expresses concerns about the potential influence traditional finance could wield in this scenario.

Hayes, a seasoned figure in the crypto industry, believes that the "real crucible" for the digital asset sector lies ahead. He questions whether the substantial value and control over the currency will be in the hands of centralized asset managers, essentially extensions of the traditional financial ecosystem. This raises concerns about whether the core principles of Bitcoin, such as privacy, could be compromised. He questions whether the involvement of giants like BlackRock, possibly through ownership and significant mining operations, could lead to changes in the cryptocurrency's immutability, censorship resistance, or decentralization.

The U.S. Securities and Exchange Commission (SEC) recently postponed decisions on numerous spot Bitcoin ETF applications, including BlackRock's, in late September. However, it is expected that the SEC will make determinations on several of these applications by early 2024.

At the time of writing, Bitcoin (BTC) is valued at $27,477, showing a 0.64% decrease in the past 24 hours. BTC remains the top-ranked cryptocurrency by market capitalization.

Oct 11, 2023