BlackRock’s $70B Bitcoin Bet: Bullish Signal or Silent Takeover?

The post BlackRock’s $70B Bitcoin Bet: Bullish Signal or Silent Takeover? appeared first on Coinpedia Fintech News

BlackRock now holds over $70 billion worth of Bitcoin through its ETF products, sparking a heated debate within the crypto community.

While major headlines call it bullish for Bitcoin, critics are calling it something else entirely — a silent Wall Street takeover .

A viral thread by crypto user Leshka.eth on X breaks down how BlackRock’s rising influence may strip Bitcoin of its original purpose: decentralization and financial freedom .

BlackRock Dominates the Bitcoin ETF Market

Recent data shows that the 12 spot Bitcoin ETFs now collectively hold over 1.2 million BTC . Out of this, BlackRock’s iShares Bitcoin Trust (IBIT) alone controls at least 660,137 BTC — over half the ETF market.

That makes IBIT the largest crypto ETF by Bitcoin holdings, contributing significantly to BlackRock’s total $70 billion BTC exposure .

But not everyone is celebrating this as a win.

ETF Bitcoin Isn’t Real Bitcoin, Critics Say

One of the biggest concerns? ETF holders don’t actually own Bitcoin .

All ETF Bitcoin is held in Coinbase Custody , meaning investors do not control the private keys , nor can they transfer, spend, or verify the Bitcoin independently.

Leshka.eth explains this distinction clearly — Bitcoin is now splitting into two paths :

• Sovereign BTC : Held directly by individuals with full control
  
• ETF BTC : Held by institutions, locked in centralized custody
  

While Bitcoin ETFs make it easier for traditional investors to gain exposure, they remove user control , undermining Bitcoin’s core principles.

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Can BlackRock Shape Bitcoin’s Future?

According to BlackRock’s own iShares Bitcoin Trust filing, the firm can decide which chain to support during a fork . This power could allow them to dictate which version of Bitcoin survives.

In addition, ETF giants like BlackRock could push for:

• OFAC-compliant transactions
  
• Miner pressure to follow government-friendly policies
  
• Centralized narratives around Bitcoin use and utility
  

This raises concerns that Bitcoin’s future could be shaped by politics and finance , rather than code and consensus.

The Real Risk: Bitcoin Becoming Digital Gold 2.0

Leshka.eth draws a parallel to how Wall Street tamed gold. He believes the same could happen to Bitcoin — turning it into a passive, price-driven asset , stripped of purpose and utility.

To prevent this, he urges holders to embrace self-custody — not ETFs.

“Wall Street wants Bitcoin’s brand and price, not its principles,” he warns.
“Hold your private keys. Stay sovereign.”

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