US Crypto Attorney Says BlackRock Insiders May Dump Bitcoin To -50%

US Crypto Attorney Says BlackRock Insiders May Dump Bitcoin To -50%

John Deaton claimed that there are huge possibilities that BlackRock insiders will try to create a two-sided situation for Bitcoin buyers at the same time and also they will sell Bitcoin in bulk to control the pump.

BlackRock is a popular fund manager firm. In June of this year, this fund manager filed a Bitcoin spot ETF (IBTC) application with the United States Securities and Exchange Commission (SEC). As per reports, the SEC agency will green signal to multiple Bitcoin spot ETF applications simultaneously in the next few months. 

A Bitcoin proponent said that BlackRock is buying Bitcoin ahead of its Bitcoin spot ETF product IBTC launch and indirectly said that the majority of the retail investors missed the chance to buy Bitcoin at a low price. 

Pro XRP crypto attorney & founder of CryptoLaw firm John Deaton shared his opinion on this shared information and said that if it is true then obviously BlackRock will play against the Bitcoin market sentiment indirectly.

According to Deaton, the BlackRock team will motivate people to purchase IBTC & on the other side, they will warn people that Bitcoin 40-50% price crash possibilities.

According to this crypto attorney, it is going to be a long-term business game for BlackRock where they will dump Bitcoin if retail buyers pump Bitcoin.

However many people already raised their objections against Bitcoin ETF applications but still huge numbers of people are in support of such products, as such products will help inflow of huge amounts of money into the Bitcoin market.

On 25 Oct 2023, a Bitcoin supporter dragged attention toward the potential sudden inflow of money in the Bitcoin market. He said that the majority of the fund managers are going to buy Bitcoin in millions in order to bring better customer service for their bitcoin spot ETF products.

Read also: Collapsed crypto lender BlockFi is now out of bankruptcy

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