Dirty hands on the Bitcoin honey pot

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3 years ago

One wish many crypto enthusiasts have had for some good years now, has finally come true. Financial institutions are getting their hands in the Bitcoin pot and it seems that nothing can stop them. They haven't done that at $3,000 or $4,000 price level, but up the way to $42,000, and down the slope, and that says a lot about their determination to own as much as possible.

Grayscale is one of the biggest trusted funds to own and continuously add up BTC to their portfolio and it's probably the most quoted when it comes to Bitcoin's gradual transformation from a bubble, and highly volatile and risky asset, to a hedge against inflation.

Lately, it has come all over the news that Rothschild Investment Corporation increases stake in GBTC as institutional adoption grows. It seems that Rothschild Investment Corporation, a leading Chicago-based financial institution founded in 1908 which is not part of the Rothschild family dynasty, just to be clear, has topped up their shares of Grayscale’s GBTC to 30,454.

Banksters do want a share of the pie, that's clear, but they don't want to get their hands dirty and their nose sticking them in the Bitcoin honey pot so they prefer to tap the waters of crypto through investment funds such as Grayscale. That's bullish for the price, but bearish for the crypto wealth distribution.

My simple minded man logic tells me that the more these oligarchs will show interest towards BTC, the more the Grayscales and MicroStrategy and whatever other BTC accumulating funds there are, will buy liquidity out of the market leading to what was anticipated for a while... as a great wealth transfer.

Sooner than later, early investors, and mid term thinking traders, will end up handing their digital gold for papers, and with the risk of repeating myself for the tenth time, I'd say that whatever happened with gold many years ago when the bankers grabbed it from the miners and handed them bank notes in exchange will happen to the BTC miners and early investors. They will be lured in by profits into handing over the digital gold for dollars.

I might be wrong, but that's the trend I see, and despite the fact that traditional currencies such as USD are clearly flawed and backed by nothing else other than thin air for many years now, many of us can't seem to have such strong hands to hold onto this hedge against inflation that Bitcoin has become. The dollar economy mindset is still alive and well and despite seeing the digital era that's opening ahead of us, many of us fall to selling for profits and in some cases loosing their property over one whole BTC forever.

Who knows what percentage of this world will be still able to own one whole Bitcoin in ten years from now, and before you know it, we're back to the basics, history repeating once again, with the rich getting richer and poor getting poorer. Another obvious thing is that miners and early investors who paid for their Bitcoin with sweat and computing power are selling for inflationary currencies that are often times injected in such financial institutions and printed with ease.

Back in the days miners would get bank notes for actual gold and nowadays we're getting numbers on a bank account for the digital gold. Tell me history is not repeating itself... I don't know about you, but I don't see of bon augur this financial institutions flood into crypto. Yes, price wise cryptos are benefiting, but fundamentally the same crooked ones that got the world where it is are now putting their hands on what was supposed to be a financial freedom giver.

I might be wrong, but I'm not excited at all by these players entering the game. It was expected somehow, as nothing escapes wall street and sharks like them, but there's a wealth transfer going on that will change a lot of what we've envisioning for many years for crypto. Those trillions had to come from somewhere, right... and retail is no longer as wealthy as in 2017 to provide them.

Thanks for attention

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