Oddbean

All these clips going around of Larry Fink talking about #Crypto interchangeably with #Bitcoin makes me think he doesn't understand why massive decentralisation and proof of work make it different, or if he even really understands it at all. You can't legitimately claim crypto to be a flight to quality, unless you are only referring one or two specific chains. Centralised crypto shitcoins are literally the riskiest assets you can ever put your money in! There is little quality there. So, he's clearly talking about Bitcoin, because that's the ETF product that his firm is trying to get approved with the SEC, but using the wrong words to explain it. I'm sure he's just regurgitating what he's been told to say by the press team, along with a random and completely irrelevant mention of 'global terrorism', as though that has anything to do with anything. Larry is the largest individual shareholder, but Blackrock itself only owns 7% of their own company, so there are many other forces at play, and the many bright people behind the scenes are steering the firm in the right direction, despite Larry's word salad. #Bitcoin doesn't need ETFs, but it always needs a narrative, and this one will do for now. I'll take it! 👌 https://video.nostr.build/6572d8687449284a6222dd0c4e188cf7c7deb70703534e38d3e0f803a5f1e0e8.mp4