Bitcoin Faces Uncertain Future as BlackRock Persists in ETF Efforts
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A Bitcoin ETF could lead major asset managers to accumulate most Bitcoin in circulation, reducing use of the blockchain. This could compel miners to shut down, leading to Bitcoin's demise.
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The crypto industry could lose its goal of separating money from the state if Bitcoin ETFs become hugely successful.
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Despite warnings, traditional firms like BlackRock continue to revise and improve their Bitcoin ETF filings to get approved.
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BlackRock recently amended its filing to include SEC-recommended in-cash redemptions and proposed $10 million in seed funding for a January launch.
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Bitcoin price has shown resilience lately, bouncing back above $43k. Analysts see a few potential short-term scenarios - breakout, retest of support, or ranging.