The Threat of the Financial Elite to Bitcoin
The impending arrival of a Bitcoin ETF has attracted the attention of major financial institutions, but this should be a cause for concern among Bitcoiners. These institutions, often referred to as “great vampire squids” and “robber barons,” have a history of exploiting markets and cornering them for their own benefit.
While many in the Bitcoin community are excited about these firms entering the space, there is a real risk involved – counterparty risk. By allowing these controversial financial firms to hold Bitcoin on behalf of clients, Bitcoiners are potentially exposing themselves to unnecessary risks.
Goldman Sachs and JP Morgan, two notorious Wall Street banks, have expressed their intention to play custodial roles in Bitcoin. However, these banks have faced legal challenges and settlements related to past financial crises and market manipulations.
The Problem with Goldman Sachs
Goldman Sachs, infamous for its involvement in the 2008 housing collapse, plans to be a custodian for the BackRock Bitcoin ETF. The bank has a history of questionable practices and has been described as a “vampire squid wrapped around the face of humanity.”
JPMorgan Chase’s Involvement
JPMorgan Chase, another major financial institution, also intends to be a custodian for BlackRock and Grayscale ETFs. However, JPMorgan has faced legal issues related to mortgage-backed securities, market manipulation, and even its ties to Jeffrey Epstein’s sex trafficking scandal.
BlackRock’s Role
BlackRock is likely to be approved for issuing a Bitcoin ETF once it meets regulatory standards. However, this global investment management firm has been called the world’s “largest shadow bank” and has faced criticism from lawmakers who believe it should be regulated more strictly.
Bitcoiners Must Stay True to the Principles
True Bitcoiners must not forget the principles on which Bitcoin was founded – financial sovereignty and freedom. They must be wary of the financial elite’s involvement and remember the famous saying, “Not your keys, not your Bitcoin.” It is essential to unite against those who prioritize profits over the core values of Bitcoin.
Hot Take: Protecting Bitcoin from Financial Exploitation
The entry of major financial institutions into the Bitcoin space through ETFs raises concerns about counterparty risk and the potential exploitation of Bitcoin by these institutions. Goldman Sachs, JPMorgan Chase, and BlackRock have all faced legal challenges and controversies in the past, making their involvement in Bitcoin a cause for alarm. True Bitcoiners must remain vigilant and prioritize the principles of financial sovereignty and freedom that underpin Bitcoin. It is crucial to resist the influence of the financial elite and protect the decentralized nature of cryptocurrency.
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