In recent weeks, we've seen a rather crude attempt by financial giants such as BlackRock and Fidelity to enter the world of Bitcoin and resume their role as middlemen in this ecosystem.
These financial giants see that the Bitcoin system cannot be destroyed and that in the medium to long term it may pose a certain danger to their roles within the current monetary and financial system.
After all, Bitcoin is growing all the time, and the whole point of the Bitcoin revolution is to protect its users from middlemen like bankers and financial giants.
If people can do without these middlemen, these financial giants will lose out big time.
BlackRock and Fidelity, for example, have changed their tune and now defend Bitcoin. To see Larry Fink, CEO of BlackRock, come to the defense of Bitcoin in the mainstream media is quite disconcerting when you remember all the criticism in the past.
Bitcoiners, or so-called Bitcoiners, are constantly rejoicing at the arrival of BlackRock or Fidelity via Bitcoin ETFs based on the spot market.
As a Bitcoiner since 2016, I confess to being baffled by all these people who ultimately only see the financial side of the business without realizing or preferring to turn a blind eye to, the fact that this is a disaster for the deeper meaning of the Bitcoin revolution.
With their Bitcoin ETFs, these financial giants will resume their role as middlemen, stealing the Bitcoin revolution from the people. This is disastrous on every level, and even more so in terms of privacy.
Some hope that, after buying Bitcoin via ETFs, the general public will eventually realize that it's better to buy it directly and take possession of its private keys. But frankly, that's unlikely to happen.
So I wonder whether this loss of the deeper meaning of the Bitcoin revolution will open more people's eyes to Monero, which remains true to the original idea of Bitcoin and its inventor Satoshi Nakamoto.
Monero is a P2P cash electronic cash system (which may remind you of Bitcoin's white paper) that aims to separate Money from the State, while at the same time enabling its users to achieve Freedom through Privacy.
Monero users seem to have remained faithful to these fundamental values, remaining more interested in freedom accessible to the greatest number, rather than financial gain like certain Bitcoiners whose true face seems to be emerging.
So it seems to me that if these spot ETFs are accepted, this will inevitably end up benefiting Monero in the medium to long term.
submitted by /u/sylsau
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