A letter to the average crypto enthusiast

Hello, average crypto enthusiast,

Yes, I am addressing you—the one who, at some point, ventured into the world of crypto out of a genuine passion for its technology, decentralized principles, and all the ideals that have been preached in the crypto space for many years. The moment of truth, the one we've all been eagerly anticipating, is almost upon us. The approval of the spot ETF is imminent, signifying a turning point where spot crypto will garner attention from major players. This development is poised to bring credibility not only to the overall space but specifically to BTC and ETH, as they are slated to be the assets featured in spot ETFs from influential entities like BlackRock and Fidelity. This translates to exposure to over 10 trillion dollars. Exciting, isn't it? Well, let's take a step back and assess the broader landscape.

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A while ago, just before BlackRock filed for a spot ETF, we witnessed the SEC cracking down on crypto entities, essentially waging war on the entire crypto space. This had a significant impact on the power dynamics, shifting from the heights where CZ and Binance once stood. A year ago, CZ's words could sway markets, and he was hailed as the crypto messiah of shorts. Then entered BlackRock, and everything changed. Binance faced imminent closure, CZ is stepping down, and an 18-month prison sentence looms.

Do you truly believe that when BlackRock fully embraces crypto, it will adhere to the rules we've embraced? If you do, you might be disillusioned, still clinging to the notion that you are in this for the technology, despite limited understanding. Consider this: is your presence here rooted in witnessing a friend's financial success with ETH or BTC, or perhaps in the early days when someone struck gold as a miner?

In the aftermath of three market cycles where average investors suffered substantial losses, does the recent attention from the SEC indicate genuine concern for their well-being? No, the focus has shifted to BlackRock and its systemic power. BlackRock, along with the agencies safeguarding players like it, will inevitably dictate the rules we all must follow—primarily through regulations. If you seek the financial benefits that BlackRock's involvement promises to bring to the crypto space, prepare to relinquish your say. However, let's not be deluded; BlackRock is not here to make you rich. Its purpose is to generate wealth for its clients, potentially at the expense of yours.

The next bull run, post-BlackRock's full integration into crypto, will be markedly different. This is where true decentralized entities will play a crucial role, serving as gatekeepers to preserve the core principles of decentralization, transparency, and accessibility that we hold dear.

Yours truly

Steemychicken1

Posted Using InLeo Alpha