In this video, I discuss what would happen if BlackRock tried to control Bitcoin by buying up all of the Bitcoin mining rigs in the world, or by otherwise trying to exert its influence on Bitcoin block production.
If all ASICs drop off the Bitcoin network because BlackRock has acquired them and shut them down, it will again be possible to mine BTC using GPUs or CPUs, as the difficulty target adjusts to make it easier to mine BTC.
Also, just because BlackRock wants to buy a mining rig does not mean that the owner will sell it to them-- especially owners of ASICs in other countries who are not big fans of BlackRock or American financial imperialism.
By contrast, a successful BlackRock Ethereum ETF would be terrible news for Ethereum, as BlackRock and its custodian Coinbase take over more and more block production and even employ government-ordered censorship.
Fortunately for Bitcoiners, Satoshi made Bitcoin proof of work. Unfortunately for Ethereum, Vitalik never really understood what makes proof of work so special, which is why he forked Ethereum to proof of stake.
Not investment advice! Consult a financial advisor.
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
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