As I write this article, all the bitcoin ETFs have just been accepted by the SEC. I was happy for a while, but then I started wondering: “ Happy for what ? For all the institutional and retail money coming in so I can sell to them ? Happy because all the cryptos are going up and I’m going to make money ? what now ? What next ? What does this really mean ? that Bitcoin has won its battle to be officially and globally recognized ? Or that it has simply failed and become a lambda asset like any other ? “. I’d give anything in the world to know what Satoshi would have thought of all this.
The Genesis : Bitcoin’s Promise
In the early days of Bitcoin, there was a palpable sense of rebellion, It was the digital answer to a world weary of financial monopolies and opaque practices. Bitcoin, with its decentralized ledger and the promise of autonomy, seemed like a beacon of hope — a chance to democratize finance, to take it away from the marble halls of traditional banks and place it in the hands of people. This was a world where “banking the unbanked” was not just a possibility but a mission. Bitcoin, to its early adopters, was more than a currency; it was an ideology. It represented a world where you could transfer value without intermediaries, where your assets were yours alone, untouchable by the hands of centralized power Bitcoin’s first block alludes to this: “ The Times 03/Jan/2009 Chancellor on brink of second bailout for banks “ .
The shift : Reality Dawns
However, as with many revolutionary ideas, reality began to paint a different picture. The volatility of Bitcoin, the regulatory hurdles, and its scalability issues began to surface. The dream of completely replacing traditional banking started to feel for many like a utopian fantasy rather than an imminent reality.
Bitcoin’s journey was marred by sensational headlines — from breathtaking peaks to sudden crashes, from being the darling of tech visionaries to receiving flak from economists and policymakers. But amidst this turmoil, something fascinating happened. The very institutions Bitcoin sought to challenge began to take notice, not as adversaries, but as participants.
The Unexpected Alliance: The Financial Titans Join In
Enter BlackRock, the colossal investment firm, often symbolic of the very financial institutions Bitcoin was conceptualized to counter. In a twist that few could have predicted, firms like BlackRock started to explore, and eventually embrace, Bitcoin and its underlying technology. This wasn’t a hostile takeover but a recognition of the undeniable potential and resilience of cryptocurrencies.
BlackRock’s venture into Bitcoin, particularly through ETFs (Exchange-Traded Funds), marked a significant milestone. It signaled not just institutional acceptance but an alignment of sorts. Bitcoin was no longer just a fringe player; it had entered the mainstream, gaining a level of legitimacy that was once unfathomable.
The acceptance of a BlackRock and other ETFs is more than just an institutional nod; it’s akin to anointing Bitcoin within the hallowed halls of finance. This shift from fringe to mainstream, from the death of banks to the embrace by giants like BlackRock, is not just a story of Bitcoin’s acceptance. It’s a narrative that reveals how the financial industry adapts, co-opts, and ultimately evolves with new technology. The underlying currents of this transformation are both complex and intriguing. The initial premise of Bitcoin, to serve as an alternative to traditional banking, was rooted in a distrust of centralized financial power. This is not to say that Bitcoin has lost its disruptive potential. Rather, its journey reflects the fluidity of financial paradigms and the intricate dance between innovation and establishment.
The Harmonious Coexistence: A New Financial Ecosystem
Today, we stand at the cusp of a new era in finance. Bitcoin hasn’t killed the banks. Instead, it has opened up a new frontier in the financial world. Banks and cryptocurrencies are learning to coexist, each playing a role in a more diverse and perhaps more resilient financial ecosystem.
BlackRock’s acceptance of Bitcoin isn’t the end of the cryptocurrency’s rebellious phase but the beginning of a new chapter. It’s a testament to Bitcoin’s resilience and adaptability. This partnership between the old and the new world of finance might not be what early Bitcoin proponents envisioned, but it is a significant step towards a more inclusive and dynamic financial landscape. As we witness giants like BlackRock embrace Bitcoin, we’re not just observing a change in attitude towards a digital currency. We’re seeing a redefinition of what financial innovation looks like in the 21st century.
After all, Bitcoin is what it is and anyone can do what he want with it, whether it’s an ETF, toilet paper or scam. No one can stop anyone from wanting to make an ETF on Bitcoin, doing what you want with Bitcoin is its raison d’être but it’s worrying and funny to see how ideologies have changed over time.
I’m just translating my thoughts through this article, feel free to give me your opinions and tell me what you think. Thanks for your reading ❤️, See you🙂
