The crypto community was rocked by recent news that a division of BlackRock, the world's largest asset manager, has submitted documentation to the SEC for the establishment of a Bitcoin Spot Trust. This development has sparked intense discussions and raised significant controversy among industry participants.
Charles Hoskinson, the renowned creator of Cardano, wasted no time in sharing his reaction to the news. The particular dissatisfaction of the entrepreneur caused one of the participants in the debate to assert that the SEC and its head, Gary Gensler, are trying to flush out unworthy "front-runners" and allowing the "anointed" — that is, Bitcoin — to succeed. Recall that Cardano's token, ADA, is now suspected by regulators of being an unregistered security.
Hoskinson took to Twitter to express his discontent, criticizing Bitcoin enthusiasts who cheered the BlackRock news. He claimed that their support showcased questionable ethics, mental states and excessive greed.
Another community member countered Hoskinson's view, emphasizing that while it may not align with the desires of most Bitcoin proponents, BlackRock's move could be a crucial step toward the wider adoption and recognition of not only BTC but also other strong projects like Cardano (ADA).
I'm old enough to remember Mike Hern and Gavin being driven out. I'm also old enough to remember Jimmy Song pushing for the US government to ban all crypto except Bitcoin. Sorry maximalists are fanatics that want to harm us all— Charles Hoskinson (@IOHK_Charles) June 15, 2023
In response, Hoskinson concluded that maximalists, who hold extreme views favoring a single cryptocurrency, are fanatics seeking to harm the entire industry.