The Worst-Case Scenario of a BlackRock Takeover of Bitcoin.

Think it's impossible? I hope so. Nevertheless, bringing it up is essential if we are all to fight together to preserve the Bitcoin revolution from these powerful people in the current system.

It's been just over a year since BlackRock entered the world of Bitcoin. Following Larry Fink's 180-degree turnaround on Bitcoin's value proposition, BlackRock launched a Bitcoin Spot ETF that has managed to accumulate 541,552 BTC on behalf of its clients.

Never before has an ETF been so successful. At this rate, we can even imagine BlackRock rapidly reaching the million BTC held on behalf of its clients. Well, when I say held, I should rather say promised to BlackRock by Coinbase. Indeed, BlackRock hasn't bothered to invest in its infrastructure to manage its customers' private Bitcoin keys. As a result, BlackRock holds IOUs on Bitcoin managed by Coinbase. One wonders if this is in the spirit of sovereignty of the Bitcoin revolution...

In mid-December 2024, BlackRock launched a few-minute educational video on Bitcoin to entice more and more investors to come and buy shares in their Bitcoin Spot ETF. The video created controversy as BlackRock explained that the Bitcoin supply limit, which currently stands at 21 million units, could be extended.

This quickly rekindled the reservations and fears many have about BlackRock's true plans with Bitcoin. Plans for a total takeover, which I wrote about back in mid-2024:

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A careful analysis of the situation and all the elements at hand might even lead us to imagine a worst-case scenario in which BlackRock prepares to fork the Bitcoin network. In what follows, I'd like to take a closer look at this nightmare scenario.