Regarding the approval of Bitcoin Spot ETFs, the Bitcoin world is divided into two categories.
The first category is made up of pseudo-Bitcoiners who want people to believe that these Bitcoin Spot ETFs are great news for the future of Bitcoin. These pseudo-Bitcoiners let their greed for financial gain shine through.
To save face, these pseudo-Bitcoiners want us to believe that the entry of the giants of global finance into the Bitcoin market will be like a Trojan horse that will then greatly accelerate the mass adoption of Bitcoin.
Frankly, I'd like to believe it too, but I have my doubts.
The second category consists of Bitcoiners who still remember the deeper meaning of the Bitcoin revolution. I confess to being part of this category, which doesn't have to forget that Bitcoin was invented to free us from middlemen like BlackRock, Fidelity, and Franklin Templeton.
YOU DON'T NEED THESE MIDDLEMEN TO MANAGE THE FRUITS OF YOUR LABOR!
These financial giants will try to make the general public believe that Bitcoin's self-custody is complex and risky. They'll do everything in their power to hold as many Bitcoins as possible for their clients. Customers will be at the mercy of censorship by these financial giants, and by extension, by governments. In short, a return to the current system, which is flawed and not fixable.
Among the risks I foresee is that Bitcoin will be increasingly reduced to the role of Gold 2.0 as these financial giants block more and more of the BTC supply:
Financial Giants in the World of Bitcoin: The Risk of Seeing Bitcoin Reduced to the Role of Gold 2.0?
That would be a shame because Bitcoin's potential for humanity is so much greater than that!
Link: https://inbitcoinwetrust.substack.com/p/financial-giants-in-the-world-of
Beyond this major risk to the Bitcoin revolution, other risks are emerging day by day.
Another risk I've already discussed with you is the fact that the arrival of these Wall Street giants will only reinforce speculation around Bitcoin. However, your interest in Bitcoin lies in the opposite direction. The long-term is in your interest with Bitcoin.
In the last few hours, a new risk has come to light with some of Franklin Templeton's tweets on X.
This risk gives us an indication of how these Wall Street giants view Bitcoin: purely in terms of financial investment and speculation. Not surprisingly, this is where their interest lies.
If the pseudo-Bitcoiners think that this approval of Bitcoin Spot ETFs will be a Trojan horse to encourage the mass adoption of Bitcoin, you can be sure that the Wall Street giants also think there's a Trojan horse here, but they think that their entry into the Bitcoin world will enable them to achieve 3 things:
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Resume their role as intermediaries to cut people off from owning Bitcoin in self-custody.
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Generate money at the people's expense on Bitcoin.
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Attract the general public to Sh*tcoins to generate ever greater profits.
This last point became clear with this series of tweets from Franklin Templeton:
Franklin Templeton's approach is devious.
It starts by using some of the codes of the Bitcoin Maximalist community with laser eyes on its X account. The aim is to instill confidence.
Then, after talking about Bitcoin, Franklin Templeton starts tweeting about Sh*tcoins projects like Solana, wanting the general public to believe that beyond Bitcoin, Solana has great potential, ...
Franklin Templeton then tries to sow confusion by trying to make people believe that Blockchain is a revolution when Blockchain only proved its worth with Bitcoin.
Finally, Franklin Templeton says that speculation is a feature of cryptocurrencies, not a bug, to repeat a well-known meme from the Bitcoin world. Always the desire to mix things up a bit to give confidence and sow confusion.
Do you still think that the entry of these financial giants into the Bitcoin world will ultimately be a positive thing for Bitcoin?
When we see the efforts made by these financial giants to sow confusion among the general public and then try to drain them into Sh*tcoins, we have every right to see this as a huge risk for the Bitcoin revolution.
Yet Bitcoin Spot ETFs have only been launched a week ago. Just imagine what the future will bring...
I've said it before, and you might think I'm repeating myself, but I think the risk is immense with these Bitcoin Spot ETFs: the financial giants want to take over the Bitcoin world.
Just 6 days after the launch of Bitcoin Spot ETFs, BlackRock already holds 25,067 BTC. Fidelity has also surpassed the 20K units of BTC held for its clients:
I'm not taking Grayscale Bitcoin into account here, as the situation is peculiar since these BTC units had already been accumulated in the past.
At the rate at which BlackRock and Fidelity are accumulating, you might fear that the gloomy scenario I described in my article about a Bitcoin reduced to the role of Bitcoin 2.0 will one day become reality.
I hope I'm wrong, but when I see the EU moving towards legislation to ban the self-custody of digital assets by the end of the decade, I think it won't be long before America wants to do the same sooner or later, following the rantings of politicians like Senator Elizabeth Warren.
If these laws are passed, the financial giants who will then be holding ever more BTC will be in a position to play the perfect role of ally to governments in their attempt to marginalize the Bitcoin revolution.
We're not there yet, but for this scenario not to happen, we'll have to keep shouting loud and clear that the current situation has all the makings of a gigantic trap for the future of the Bitcoin revolution. This means not allowing yourself to be taken in by pseudo-Bitcoiners more interested in their financial interests than in the success of the Bitcoin revolution.
Stay Strong, and Stay Bitcoin HODLers and P2P Users.
What If the Bitcoin Revolution Fails? Disillusionment for Westerners, but Above All a Nightmare for People in Emerging Countries.
