Not trying to spread hopium but just to put the numbers into context.. at it's peak the entire GDP of El Salvador was about $30 billion. BlackRock has assets under management of $9.42 trillion (with a T). In other words, the entire GDP of El Salvador is 0.3% of BlackRock's assets under management.
Yes. This is exactly what I'm saying. The numbers involved with an ETF are very, very different. Who knows how much of these numbers will be interested in a bitcoin ETF. But, the ease of anyone with an etrade account or any account to "get in" to bitcoin is formidable in my view. And those folks would be miniscule compared to institional money. Yes, it's not truly owning BTC because it's custodial holding, but the custodian must buy the BTC. Buy pressure.
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Well, remember they can hedge (where hedge funds get their name) by selling paper btc with their enormous fiat bags, with the ostensible rationale of limiting their market exposure in any one direction. If you haven't had the chance yet, read this great article by Allen Farrington :https://allenfarrington.medium.com/trust-me-bro-fb5a25964634
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I wasn't trying to compare the financial clout of ES versus BlackRock. The reason I mentioned it was to compare the emotional impact of the news items. I'm really thinking out loud, and I hope my negativity is unfounded. That being said, BlackRock's power scares me. They could play with BTC price- driving it up and down. Down to scare holders into selling, or drive it up to get lambo boys to cash out. They can suppress the price to aid their fiat investments or to curry government favors. They can completely control the hash rate. Again, I hope everything I say is wrong. In any event,we should all buy every sat we can afford right now to give them less to play with.
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