BlackRock’s Controversial Bitcoin Dilemma

With the start of sales of the world’s largest asset manager, BlackRock’s Blockchain exchange-traded fund, social media users recalled BlackRock’s past anti-Bitcoin moves. They started that BlackRock had suspicions of manipulation.

It was BlackRock that put pressure on @ElonMusk regarding #Bitcoin energy consumption when Tesla bought $1.5b #BTC

Now BlackRock is diving head first into #Bitcoin – effectively telling the corporate world #Bitcoin is legit, go ahead and buy some.

— Bitcoin Archive ??? (@BTC_Archive) August 11, 2022

The Twitter phenomenon Bitcoin Archive has sparked controversy, BlackRock’s Bitcoin fund, which opposes Tesla’s $1.5 billion Bitcoin (BTC) purchase, citing high energy consumption, and pressured Tesla to take a step back.

While some Twitter users were entitled to the phenomenon, others claimed that the Bitcoin Archive was sharing biased, referring to the fact that BlackRock is also working to encourage the use of renewable energy in mining.

Fenomen, on the other hand, responded to the allegations that he made biased news with his posts dated August 20, 2021. In the related post, Bitcoin Archive mentioned that BlackRock opposed Tesla’s accepting payments in Bitcoin, citing the carbon emission caused by Bitcoin miners, but immediately bought Bitcoin mining shares worth 382 million dollars.

Discussions of Twitter users flared up again with the remainder of the events in 2021. Some users stated that they thought that BlackRock, one of Tesla’s biggest partners, could use Elon Musk for Bitcoin manipulations.

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