The world's largest asset manager, BlackRock, recently filed a Bitcoin Spot ETF with the U.S. Securities and Exchange Commission (SEC), sparking hope among crypto enthusiasts that the regulator could finally approve such a product.
But not everyone is convinced that BlackRock's move is real.
Peter Schiff, a prominent BTC and cryptocurrency critic, shared his conspiracy theory regarding BlackRock's Bitcoin Spot ETF application on Twitter. He suggested that BlackRock may have bought BTC in the last drop, then applied for an ETF knowing that the news would result in a rally, allowing BlackRock to sell their BTC for a big profit:
“Why did BlackRock apply for a Bitcoin Spot ETF when it knew all previous applications had been rejected? Maybe BlackRock bought BTC on the last drop, then applied for an ETF knowing that the news would result in a rally, thus enabling the company to sell their BTC for a big profit.”
Why did @BlackRock file for a #Bitcoin📷 ETF when they know all previous applications have been rejected? Maybe #BlackRock bought Bitcoin on the last drop, then applied for an ETF knowing the news would result in a rally, allowing BlackRock to sell its Bitcoin for a large gain.
— Peter Schiff (@PeterSchiff) June 17, 2023
Schiff's theory implies that BlackRock does not actually believe in the long-term value of Bitcoin, but instead sees it as a speculative asset that can be manipulated for profit.
He also argues that BlackRock knew the SEC would not approve the BTC Spot ETF, as it had rejected all previous attempts by other firms.
*Not investment advice.
