Chris Blec, a seasoned cryptocurrency supporter and expert, shared an odd notion regarding the real reason behind the introduction of BlackRock’s exchange-traded fund based on bitcoin. One comment in BlackRock’s filing, though, could support his hypothesis.
PoS for regulators, PoW for El Salvador: Chris Blec shares counterintuitive take on BlackRock Bitcoin ETF
BlackRock, a $10 trillion investment behemoth, could ask for permission to launch a Bitcoin (BTC) ETF because it wants to back its PoS fork. Due to the potential dominance of BlackRock in the Bitcoin (BTC) market, its hypothetical proof-of-stake network—which was created as an example of environmental friendliness and legal compliance—might be implemented.
Chris Blec, a crypto influencer, tweeted this notion to his 48,700 followers. BlackRock could be interested in heavily sponsoring Bitcoin (BTC) development in order to reach this domination.
BlackRock will then be allowed to embrace the new network as the sole “legitimate” Bitcoin (BTC) standard, even if it is unable to convince the community of the advantages of Bitcoin 2.0 on proof of stake.
The BlockRock filing states that its team reserves the right to choose which network is the only one that is acceptable. The fact that it need not necessarily be the most valuable fork of the biggest blockchain is also mentioned.
As previously reported by U.Today, some prominent experts question if BlackRock is sincere about its plans to launch a Bitcoin ETF, which have been the subject of extensive media coverage recently.
What happened to EthereumPoW (ETHW)?
The “traditional” proof-of-work (PoW) blockchain will only be utilised by enthusiasts, including “pirates and El Salvador,” after BlackRock adopts the PoS fork.
At least once, a portion of the bitcoin market underwent a similar procedure. A number of powerful miners started the EthereumPoW (ETHW) project when Ethereum (ETH) switched to PoS.
As expected, the value of the oldest version of Ethereum (ETH) has decreased by 98.99% since debut. Even so, it can’t be said to be a total failure.
With a market worth of almost $154 million, ETHW is the 143rd biggest currency despite the crypto downturn. On Tier 1 CEXes like Bitfinex and Kraken, it is still traded.
