BlackRock's Glorious Stones
The infamous investment fund manager has gone from jacking up the prices of boomer McMansions across America to allegedly, just days ago, smoking one of Bitcoin's cryptographic competitors. But why?
Fascinating chat today with Justin Giefer about the allegations that BlackRock destroyed leading crypto asset Luna, using a monster tranche of borrowed Bitcoins as their financial weapon. Luna lost more than 99.9% of its market value over the last week, it has been alleged. In the wake of the surprise crash, leading crypto Bitcoin lost substantial value (as denominated in USD, at least) also.
Listen to the whole conversation with Justin here:
https://www.fulcrumnews.com/blog/2022/5/14/understanding-blackrocks-treacherous-bitcoin-luna-trade
Or on Apple Podcasts, here:
Foundationally, as I pointed out in a TikTok video, BlackRock playing with Bitcoin at all should be a massive endorsement of how far Bitcoin has come…
Years ago, to think BlackRock would be wielding Bitcoin as a financial weapon would be wild to think about… wild, if true. And it’d be a fever dream come true to have not one Bitcoin-futures based ETF available for trade in the United States, but three to choose from. And later this year, Gucci is expected to accept Bitcoin directly for purchases, so I can finally sport one of those douchey big buckle belts that the Miami crypto guys like to wear, if I so choose.
Crypto isn’t losing, it’s winning.
Everyone has an opinion on it — which means it has crept into everyone’s grey matter, rent paid or not.
BlackRock is the lone wolf genius gambler; it profits while everything it touches turns to dust, a kind of reverse Midas touch.
It seems the big loser here was shadowy stable coin projects like now failed Luna, not tried and true barebones blockchains like Bitcoin. In the weeks to come, with inflation front and center, this scandal may just be another speed bump in Bitcoin’s rearview mirror.
Gold isn’t coveted by the smartphone generation(s), crypto is. Given enough time, and no more predatory moves from BlackRock-level players, I just don’t see how this doesn’t become a feast for the coiner while the world around us flames out economically — but not advice or guidance.
sorry the audio isn't great, was in a rush to upload it before heading out the door. If you turn volume up, last part is easier to hear.