Bitcoin Is in Danger—Here’s How BlackRock Could Control It All!
Published: 2024-12-21
Status:
Available
|
Analyzed
Published: 2024-12-21
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
In the event of a Bitcoin fork, BlackRock, due to its significant holdings via its ETF and its status as the largest asset manager, will likely dictate which version of Bitcoin is supported by the market and other investors.
"if there's Bitcoin Fork Black Rock gets to decide which version of BTC has the most economic value with black rock being the world's largest asset manager and its spot Bitcoin ETF holding the most BTC it's safe to assume that whichever Bitcoin Black Rock supports would also be supported by other asset managers and most investors"
Pending
BlackRock would likely support a proof-of-stake version of Bitcoin in a hypothetical fork scenario due to ideological reasons (presumably ESG-related) and dump the proof-of-work version.
"if there was to be a proof of stake Bitcoin Fork Black Rock would support the forked version proof of stake and dump the proof of work version of BTC for for ideological reasons"
Pending
Black Rock will have the power to decide the dominant version of Bitcoin in the event of a fork.
"if there's Bitcoin Fork Black Rock gets to decide which version of BTC has the most economic value"
Pending
Institutional investors previously attempted to control Bitcoin in 2017, leading to the Bitcoin Cash fork, but their attempt was unsuccessful.
"institutional investors have already tried and failed to take control of Bitcoin once before and this happened back in 2017 and resulted in the Bitcoin Fork that created bitcoin cash"
Pending
Black Rock may support a Proof-of-Stake Bitcoin fork and abandon the Proof-of-Work version due to ideological reasons.
"if there was to be a proof of stake Bitcoin Fork Black Rock would support the forked version proof of stake and dump the proof of work version of BTC for for ideological reasons"
Pending
The next major conflict in Bitcoin will revolve around its censorship resistance, specifically the ability to block certain transactions.
"he specified that the next Bitcoin War would not be about bitcoin's block size but about its censorship resistance aka the ability to block certain BTC transactions on bitcoin"
Pending
The next major conflict or 'war' within Bitcoin is predicted to be over its censorship resistance, rather than its block size.
"he specified that the next Bitcoin War would not be about bitcoin's block size but about its censorship resistance aka the ability to block certain BTC transactions on bitcoin"
Pending
BlackRock will decide which Bitcoin version is supported in the event of a Bitcoin fork.
"if there's Bitcoin Fork Black Rock gets to decide which version of BTC has the most economic value"
Pending
Publicly traded Bitcoin mining companies, unlike mining pools, are primarily accountable to their shareholders, which could influence their decisions regarding compliance with regulations like OFAC.
"publicly traded Bitcoin mining companies like Marathon digital aren't beholden to the Bitcoin Community like mining pools such as F2 pool are they're beholden to their shareholders"
Pending
Publicly traded Bitcoin mining companies in the US are estimated to control nearly a third of Bitcoin's total hash rate.
"it's estimated that publicly traded Bitcoin fing companies in the US account for almost a third of bitcoin's total hash rate"
Pending
Selling a forked version of Bitcoin by BlackRock and other asset managers could crash its price, making mining unprofitable and the blockchain vulnerable.
"if Black Rock and Co were to sell the version of BTC that they don't support this would crash its price making it less profitable to mine to the point of the blockchain becoming vulnerable to attack"
Pending
BlackRock, Vanguard, and State Street are significant shareholders in Marathon Digital, a large publicly traded Bitcoin mining company.
"Black Rock holds 14% of marathon digital sharees followed by Vanguard at 11% and State Street at 3.5%"
Pending
The proportion of Bitcoin's hash rate originating from publicly traded mining companies is increasing.
"more and more of bitcoin's hash rate is coming from these publicly traded Bitcoin mining companies"
Pending
Asset managers can exert pressure on the companies they invest in, including Bitcoin mining firms, to comply with certain directives by threatening to divest their shares.
"what these asset managers will do is pressure the companies they've invested in to comply or else they'll sell their shares"
Pending
BlackRock would support a proof-of-stake Bitcoin fork and sell the proof-of-work version for ideological reasons.
"if there was to be a proof of stake Bitcoin Fork Black Rock would support the forked version proof of stake and dump the proof of work version of BTC for for ideological reasons"
Pending
Bitmain, a Chinese company, manufactures over 90% of the ASIC machines used for Bitcoin mining.
"over 90% of the Asic machines used to mine BTC are made by bitm"
Pending
Bitmain is planning to manufacture ASICs in the United States, likely as a response to potential tariffs from a Trump administration.
"bitmain recently announced that it will begin Manufacturing asex in the United States presumably because of concerns over Trump's upcoming tariffs"
Pending
Bitmain has been attempting to conduct an initial public offering (IPO) for several years.
"bitmain has been trying to go public for years"
Pending
Institutional investors attempted to control Bitcoin in 2017, leading to the Bitcoin Cash fork.
"institutional investors have already tried and failed to take control of Bitcoin once before and this happened back in 2017 and resulted in the Bitcoin Fork that created bitcoin cash"
Pending
If Bitmain goes public, it could become a target for aggressive investment from asset managers like BlackRock, potentially leading to more significant control and consequences than their investments in publicly traded mining companies.
"it's not entirely clear if bitmain still wants to go public but if it does then it opens the door to Black Rock and Co investing aggressively in bitmain the way they are doing with the publicly traded Bitcoin miners but with much more dire consequences"
Pending
The next major conflict in Bitcoin will not be about block size, but about censorship resistance, specifically the ability to block transactions.
"he specified that the next Bitcoin War would not be about bitcoin's block size but about its censorship resistance aka the ability to block certain BTC transactions on bitcoin"
Pending
Bitcoin Core software, which runs on Bitcoin nodes, is maintained and updated by Bitcoin's developers.
"the Bitcoin core is the software that's run by Bitcoin nodes the answer to the latter is bitcoin's Developers who maintain the Bitcoin core software and update it as needed"
Pending
The future direction and control of the Bitcoin blockchain ultimately lie with its nodes and developers, not just its miners.
"in reality it's the nodes and developers that determine the future of the Bitcoin blockchain"
Pending
Some Bitcoin miners have complied with OFAC by refusing to process transactions from sanctioned wallets.
"some Bitcoin miners have complied with the office of foreign assets control or ofac in plain English they refuse to process BTC transactions that come from Bitcoin wallets belonging to entities that have been sanctioned by the US government"
Pending
Black Rock will have the power to choose which Bitcoin version is supported in the event of a Bitcoin fork, influencing other asset managers and investors.
"in other words if there's Bitcoin Fork Black Rock gets to decide which version of BTC has the most economic value with black rock being the world's largest asset manager and its spot Bitcoin ETF holding the most BTC it's safe to assume that whichever Bitcoin Black Rock supports would also be supported by other asset managers and most investors"
Pending
Vaneck is donating 5% of its spot Bitcoin ETF fees to Bitcoin developers.
"vanex is donating 5% of its spot Bitcoin ETF fees to bitcoin developers"
Pending
Publicly traded Bitcoin mining companies in the US account for nearly one-third of Bitcoin's total hash rate.
"it's estimated that publicly traded Bitcoin fing companies in the US account for almost a third of bitcoin's total hash rate"
Pending
Institutional investors recognize that controlling Bitcoin developers is more crucial for overall control than controlling miners, with some arguing developers are the true controllers of Bitcoin.
"institutional investors understand that Bitcoin miners aren't the only entities that they need to control if they want to control Bitcoin in fact the hosts of the podcast make the Bitcoin OG argument that the miners don't matter at all it's really the developers who control Bitcoin"
Pending
In a hypothetical proof-of-stake Bitcoin fork, Black Rock would support the proof-of-stake version for ideological reasons and abandon the proof-of-work version.
"this means that if there was to be a proof of stake Bitcoin Fork Black Rock would support the forked version proof of stake and dump the proof of work version of BTC for for ideological reasons"
Pending
The speaker posits that if Black Rock gains significant control over Bitcoin's ETF holdings, mining companies, Bitmain (post-IPO), and development funding, it will no longer be true Bitcoin.
"if black Rock's ETF becomes the largest holder of BTC and if most of the mining starts being done by publicly traded Bitcoin mining companies owned by Black Rock and if bitm goes public and black rock becomes its largest shareholder and if most of the development on bitcoin C starts being funded by black rock is it really Bitcoin"
Pending
VanEck is allocating 5% of its spot Bitcoin ETF fees to fund Bitcoin developers.
"vanex is donating 5% of its spot Bitcoin ETF fees to bitcoin developers"
Pending
BlackRock, Vanguard, and State Street are significant shareholders in publicly traded Bitcoin mining companies like Marathon Digital.
"asset managers like black rock holds 14% of marathon digital sharees followed by Vanguard at 11% and State Street at 3.5%"
Pending
Institutional investors previously attempted to control Bitcoin in 2017, leading to the creation of Bitcoin Cash via a fork.
"institutional investors have already tried and failed to take control of Bitcoin once before and this happened back in 2017 and resulted in the Bitcoin Fork that created bitcoin cash"
Pending
There is a hypothetical scenario where BlackRock could fund Bitcoin developers, similar to VanEck, which could have significant implications for Bitcoin's future.
"now imagine what would happen if Black Rock did the same with different devs"
Pending
The next significant conflict in Bitcoin will revolve around its censorship resistance, specifically the ability to block certain transactions.
"he specified that the next Bitcoin War would not be about bitcoin's block size but about its censorship resistance aka the ability to block certain BTC transactions on bitcoin"
Pending
Asset managers will pressure publicly traded companies they've invested in to comply with their demands, threatening to sell shares as leverage.
"what these asset managers will do is pressure the companies they've invested in to comply or else they'll sell their shares"
Pending
Asset managers are likely to pressure publicly traded Bitcoin miners to censor transactions in accordance with OFAC guidelines.
"there's a good chance that they will eventually start pressuring these publicly traded Bitcoin miners to censor BTC transactions in line with ofac"
Pending
Publicly traded Bitcoin miners, unlike mining pools, are primarily accountable to their shareholders, which may influence their decisions on OFAC compliance.
"the thing is that publicly traded Bitcoin miners like Marathon digital aren't beholden to the Bitcoin Community like mining pools such as F2 pool are they're beholden to their shareholders"
Pending
Bitmain will start manufacturing ASIC mining machines in the United States.
"bitmain recently announced that it will begin Manufacturing asex in the United States"
Pending
Bitmain has been attempting to conduct an Initial Public Offering (IPO) for years.
"bitmain has been trying to go public for years"
Pending
Asset managers, including Black Rock, are aggressively investing in Bitcoin mining companies.
"can you guess who has been investing aggressively in these mining companies H that's right asset managers like black rock"
Pending
Asset managers like Black Rock will exert pressure on mining companies they invest in to comply with their demands, or risk having their shares sold.
"what these asset managers will do is pressure the companies they've invested in to comply or else they'll sell their shares"
Pending
The future of the Bitcoin blockchain is determined by its nodes and developers, not miners.
"in reality it's the nodes and developers that determine the future of the Bitcoin blockchain"
Pending
Bitcoin Core is the software run by nodes, and its developers maintain and update it.
"the answer to the former is Bitcoin core the software that's run by Bitcoin nodes the answer to the latter is bitcoin's Developers who maintain the Bitcoin core software and update it as needed"
Pending
Bitmain plans to start manufacturing ASIC miners in the United States.
"and what's fascinating is that bitmain recently announced that it will begin Manufacturing asex in the United States"
Pending
If Bitmain goes public, it will create an opportunity for asset managers like Black Rock to invest aggressively in the company.
"the bad news is that bitmain has been trying to go public for years presumably because its shareholders want to get rich by selling stock on the open market it's not entirely clear if bitmain still wants to go public but if it does then it opens the door to Black Rock and Co investing aggressively in bitmain"
Pending
Bitcoin miners can choose to use a different version of the Bitcoin Core software if they disagree with the current rules.
"Bitcoin miners who don't like the rules of the Bitcoin core version can opt to use a different version be it an an older or a newer one"
Pending
A version of Bitcoin Core that complies with OFAC would not be adopted by Bitcoin nodes and miners.
"this version of Bitcoin call would not be followed by Bitcoin nodes and Bitcoin miners"
Pending
Bitcoin developers are implied to be the de facto board of directors for Bitcoin.
"they even go so far as to imply that these developers are bitcoin's de facto board of directors"
Pending
Vaneck is allocating 5% of its spot Bitcoin ETF fees to support Bitcoin developers.
"consider that vanex is donating 5% of its spot Bitcoin ETF fees to bitcoin developers"
Pending
BlackRock and similar entities aim to incentivize Bitcoin developers to alter Bitcoin Core according to their preferences.
"for Black Rock and Co the incentive is to incentivize many of bitcoin's developers to change Bitcoin core in the way that black rock and Co want"
Pending
A future scenario where Black Rock controls Bitcoin's largest ETF holdings, mining companies, Bitmain, and developer funding could fundamentally alter Bitcoin's nature.
"if black Rock's ETF becomes the largest holder of BTC and if most of the mining starts being done by publicly traded Bitcoin mining companies owned by Black Rock and if bitm goes public and black rock becomes its largest shareholder and if most of the development on bitcoin C starts being funded by black rock is it really Bitcoin"
Pending
Institutional investors, like BlackRock, believe that controlling Bitcoin developers, rather than miners, is key to controlling Bitcoin itself.
"institutional investors like Black Rock understand that Bitcoin miners aren't the only entities that they need to control if they want to control Bitcoin in fact the hosts of the podcast make the Bitcoin OG argument that the miners don't matter at all it's really the developers who control Bitcoin"
Pending
VanEck is allocating 5% of its spot Bitcoin ETF fees to Bitcoin developers.
"vanex is donating 5% of its spot Bitcoin ETF fees to bitcoin developers"
Pending
A scenario where BlackRock dominates Bitcoin's ETF holdings, mining companies, Bitmain, and developer funding could lead to a loss of Bitcoin's true nature.
"if Black Rock's ETF becomes the largest holder of BTC and if most of the mining starts being done by publicly traded Bitcoin mining companies owned by Black Rock and if bitm goes public and black rock becomes its largest shareholder and if most of the development on bitcoin C starts being funded by black rock is it really Bitcoin the answer is no"
Pending