Crypto: Arthur Hayes Concerned About BlackRock's Potential Impact on Bitcoin (BTC)

Fervent Bitcoin (BTC) advocate, Arthur Hayes, has predicted that the asset will see its price skyrocket to reach a valuation of one million dollars. This could happen if the company BlackRock obtains the Bitcoin ETF they have filed for. However, this perspective, although initially interesting for the crypto industry, does not reassure the investor.

Arthur Hayes’ Concerns About BlackRock’s Influence on Crypto

What would happen to the crypto market if an asset manager like BlackRock were to obtain a Bitcoin ETF? Beyond the positive prospect it represents for the adoption of the flagship cryptocurrency, the idea raises questions for some experts, like Arthur Hayes.

He recently shared his thoughts on this topic in an interview. On this occasion, he warned that BlackRock’s involvement could fundamentally transform the ecosystem around the leading cryptocurrency.

Firstly, Arthur Hayes expressed his enthusiasm for the prospect of a Bitcoin ETF, given the significant influx of capital that could flood the crypto market.

But this possibility has downsides as well. The investor also expressed his concerns about the influence it could have on the characteristics that essentially make Bitcoin and cryptocurrencies relevant.

THE DAILY HODL: Arthur Hayes Issues BlackRock Warning, Says Multi-Trillion-Dollar Giant May Gain Power To Change Bitcoin (BTC) https://t.co/VPo5a5Cisy pic.twitter.com/AcquBhJW2h

— Crypto Trader Pro 🇺🇸 (@CryptoTraderPro) October 11, 2023

Are BTC’s Fundamental Principles at Risk with the Approval of an ETF?

What worries Arthur Hayes is the idea that the support of BlackRock and asset managers would lead to the alteration of Bitcoin’s fundamental principles. He fears that these traditional financial giants may compromise the privacy, immutability, resistance to censorship, and decentralization that are cherished in the crypto industry.

This question is highly relevant and reflects a broader concern within the crypto community. It’s a fear about the impact of institutional involvement on the ethics and fundamental characteristics of cryptocurrencies.

It’s worth noting that at the end of September, the SEC postponed its decision regarding various cash-settled Bitcoin ETF applications, including BlackRock’s. The US financial regulator is expected to rule on several of these applications early next year.

One thing is certain: the outcome of these decisions could significantly influence the future of Bitcoin. Experts agree that the broader crypto market is also likely to be affected.