BlackRock and other bitcoin ETFs rob bitcoin of its room to grow
While Bitcoin's creator envisioned it as a revolutionary medium for everyday purchases, its current role has shifted. Institutional giants like BlackRock, drawn by its scarcity and increasing value, have poured significant capital into Bitcoin through ETFs. As of May 2024, BlackRock’s iShares Bitcoin Trust had accumulated more than 274,000 bitcoin (worth, at the time of writing, around $16 billion). This trend has sparked anxieties about the market’s potential centralisation.
In a recent Blockworks opinion piece, XEROF CEO Marc Taverner highlights the need for Bitcoin to have more to be used and fulfil its original promise of utility. While grabbing a cup of coffee with Bitcoin might not be commonplace just yet, its potential extends far beyond daily transactions. As an alternative store of value, Bitcoin can fuel groundbreaking startups with the power to disrupt entire industries and transform our lives.
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About XEROF
XEROF is a Swiss-licensed FinTech specialising in cryptoassets. Our Tier 1 banking network allows clients to seamlessly navigate crypto and fiat transactions to manage investments, treasury, and settle third party expenses.
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