Cardano founder Hoskinson says Bitcoin enthusiasts defending BlackRock is everything you need to know about their ethics, mental state, and greed.
Bitcoin (BTC) proponents have continued to cheer asset management company BlackRock for filing an application with the United States Securities and Exchange Commission (SEC) to launch a spot-based Bitcoin exchange-traded fund (ETF).
For context, BlackRock applied with the SEC on Thursday to launch its iShares Bitcoin Trust. If approved, the fund will grant investors indirect exposure to Bitcoin from the world’s largest asset manager.
Although the filing is still early, many BTC enthusiasts are optimistic that the SEC will approve BlackRock’s ETF application.
Bitcoin Proponent Shades Other Asset Managers
Meanwhile, some BTC maxis took things to the extreme by shading other asset management firms that have also attempted to launch spot-based Bitcoin ETFs.
Bit Paine, a prominent Bitcoin maxi, was among those who bashed other asset managers while drumming support for BlackRock to get the SEC’s blessings for the launch of its spot Bitcoin ETF.
In a tweet yesterday, Paine first praised BlackRock as the most “politically powerful and connected entity” in the United States. He expressed confidence that the SEC would approve the company’s Bitcoin ETF application.
Blackrock is probably the most politically powerful & connected entity in the United States.
I bet this spot #btc ETF will be approved.
Everything Gary & other agencies have done was cover to wash out the undeserving front-runners & let the anointed have their due.
— Bit Paine ⚡️ (@BitPaine) June 15, 2023
Furthermore, he noted that everything SEC Chairman Gary Gensler and other federal agencies have done in the past was only a cover to “wash out undeserving frontrunners” to allow “the anointed have their due.”
Paine’s tweet did not sit well with many, who saw it as an indirect shade at other companies like Grayscale that have also attempted to launch a spot-based Bitcoin ETF.
Cardano Founder Reacts
In response, Chris, an entrepreneur and prominent Cardano enthusiast, called out Paine for suggesting that “industry pioneers” like Grayscale are unworthy of getting their spot Bitcoin ETF application approved.
Interestingly, Chris’ comment prompted a reaction from Cardano founder Charles Hoskinson. In a tweet yesterday, Hoskinson noted that Bitcoiners defending BlackRock is everything people need to know about “their ethics, mental state, and greed.”
Bitcoiners defending Blackrock is all you need to know about their ethics, mental state, and greed https://t.co/FNjBJXE7km
— Charles Hoskinson (@IOHK_Charles) June 15, 2023
Grayscale Attempts to Launch Spot Bitcoin ETF
It bears mentioning that Grayscale has filed several applications to launch a spot Bitcoin ETF in the United States. However, the U.S. SEC has rejected all applications for a spot Bitcoin ETF while approving futures-based BTC ETFs.
Last year, Grayscale announced a legal action against the SEC, challenging the regulator’s decision to reject the conversion of Grayscale Bitcoin Trust into a spot-based ETF. It is worth noting that a decision is expected later this year.