Arthur Hayes Warns Wall Street Firms Like BlackRock Could Gain Too Much Control Over Bitcoin Through ETF Plans
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Bitcoin price has surged recently due to expectations that BlackRock may launch a Bitcoin ETF, boosting crypto market.
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Arthur Hayes warns BlackRock's Bitcoin ETF could potentially "kill" Bitcoin by locking up too much supply.
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Hayes argues Wall Street firms like BlackRock buying lots of Bitcoin could allow them to control Bitcoin's consensus mechanics.
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Hayes warns BlackRock could also buy up Bitcoin mining companies, further consolidating control.
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Hayes believes Wall Street firms act as "agents of the state" so their Bitcoin involvement could be directed by government.