I can appreciate why you'd expect BlackRock to have only forthright business dealings, but my expectation of their business practices is informed by a vastly different experience of larceny, greed, and endemic fraud in the industry. I'd also point out that if BlackRock was selling paper BTC at the local peak, they wouldn't take the piss during a bear, because they'd have nominal assets to pick up BTC to cover at a discount, and end up with a positive, if not a profit on the deal. Banks continually and criminally oversell assets, which is why BOE today delays deliveries of physical gold people have secured in their vaults by up to 12 weeks. They sold it. They're scrambling to replace it so they're not criminally charged. They don't have it or they'd meet the 14 day deadline for physical delivery. They stole people's bullion and lied about storage fees, and they're lying about 'security matters' delaying deliveries today, desperately dodging defaults.

When - not if - restrictions are put on transactions regarding how digital assets are utilized, the big players will be exempted, not need to buy steaks or charcoal briquets with their stacks, and a variety of other insulators that will obviate their concerns about limitations being imposed on digital assets in order to xfer or xact with them. The risk that crypto presents to retail players is vastly higher than for institutional players, because, in addition to their deeper reserves, they're more likely to own part of that internet chokepoint that enables them to put restrictions on others' digital assets that won't restrict their own.

I urge folks to carefully consider not only the differences in how institutional and retail players in markets are treated, but the dangers of having all their eggs in one basket, as you point out above, when the rules can arbitrarily and instantly change in the fungibility of any particular basket. I further aver that banksters are all the worst thieves and liars any of us have ever met, and if they can they will take everything from you and laugh that you weep. If you ever need to seek relief for tort at the bar, the difference between such institution and an individual - particularly one that has just been robbed of the bulk of their fortune - in ability to fund and maintain a legal team and action is almost infinitely wider in power and durability. Their pockets (especially having your assets to spend on their behalf as well) are an endless font of legal fees that can wage a war of financial attrition you cannot hope to match. Corporations never die, so they can just drag things out until you do. Been there, done that, and they stole the t-shirt too. I'd trust a crack addict to hold my cash more than a bank my money.

Thanks!