BlackRock, the world’s largest asset manager filed for a spot Bitcoin (BTC) ETF (exchange-traded fund) yesterday. Although the move saw the support of many in the crypto community, others were skeptical. Cardano (ADA) founder, Charles Hoskinson, criticized Bitcoin (BTC) supporters who were cheering the development. He asserted that their support was evidence of dubious morals, deranged minds, and greed.
However, another user was quick to dispute Hoskinson’s assertions. The user asserted that BlackRock’s action may mark a turning point in the adoption and acknowledgment of not only Bitcoin (BTC) but also other promising initiatives like Cardano (ADA).
In reaction, Hoskinson said that maximalists—those with extreme opinions in favor of a single cryptocurrency—are zealots out to ruin the entire sector. The ADA founder said that he was old enough to remember Mike Hern and Gavin Wood being driven out. Moreover, Hoskinson reminded the community of Jimmy Song who wanted the U.S. government to ban all cryptos except Bitcoin (BTC).
Can BlackRock’s ETF filing help Cardano and the larger crypto industry?
Institutional interest is a dominant force in any industry. When large institutions take an interest in a sector, it leads to more promotion and even regulatory support. BlackRock being the largest asset manager in the world will surely garner attention from other institutions as well. This could lead to more adoption of crypto as an asset of value. Although the filing is for a Bitcoin (BTC) ETF, the move could bring interest to the larger crypto sector as well.
Moreover, with the ongoing regulatory pressures from the U.S. SEC, an institution as large as BlackRock might be able to help usher in more clarity on crypto regulation. What’s interesting is that BlackRock is partnering with Coinbase in its latest initiatives. Coinbase is one of the firms that the SEC has moved against in its recent crusade. With BlackRock as a partner, the popular crypto exchange could figure out a way out of its current predicament.