Charles Hoskinson, the founder of Cardano, expressed his disapproval of the commotion within the crypto community surrounding the Blackrock Bitcoin ETF application. Hoskinson criticized the excessive noise generated by this development.
Blackrock’s journey in the realm of crypto market adoption has been notable, starting with CEO Larry Fink’s description of Bitcoin as an “index of money laundering” in 2017. However, the world’s largest asset manager experienced a significant turnaround as it established a working group dedicated to exploring crypto and blockchain technology. This shift in approach parallels the initial skepticism expressed by JP Morgan CEO Jamie Dimon towards crypto assets. Nevertheless, JP Morgan has since pursued the development of products related to cryptocurrencies and web 3.0, indicating a changing perspective within the Wall Street bank.
Initially resistant to cryptocurrencies, mainstream financial companies are now believed to be eager to secure a significant stake in the crypto market. This motivation stems from their desire to establish a foothold before comprehensive regulatory guidelines are established by authorities in the United States.
Also Read: Cardano Founder Asserts ADA’s Superior Decentralization Compared to Other Cryptocurrencies
Blackrock versus Bitcoin
Charles Hoskinson, the founder of Cardano, voiced criticism against the Bitcoiner community for their positive reception of the Blackrock Bitcoin ETF application. According to him, Blackrock’s association with traditional businesses, whose values do not align with the decentralized vision of Bitcoin, makes it concerning. Hoskinson stated that Bitcoiners defending Blackrock reveals insights into their ethics, mental state, and greed.
The timing and outcome of the U.S. Securities and Exchange Commission’s (SEC) decision on the Bitcoin ETF application are still uncertain. However, if approved, it could pave the way for significant progress in the mainstream adoption of the crypto market. This is due to the extensive portfolio of companies managed by Blackrock, which would potentially benefit from such an approval.
Also Read: Hoskinson, Founder of Cardano, Expressed His perspective On Bitcoin Ordinals
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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