-Blackrock ETF gets approved.
-Coinbase and Blackrock make a deal to hold the bitcoin permanently and only issue IBTC to Coinbase customers.
-Coinbase converts all customer held BTC to IBTC.
-everyone on Coinbase gets epically rugged.
Just thinking out loud. Possible?
Get off exchanges!
I think this is unlikely. #Coinbase would suffer irreversible backlash in doing so and it’s not the only game in town. Their customers could just sell #IBTC for #BTC. What’s more likely is that #BlackRock uses its leverage over the #Bitcoin supply and its relationship with the ecosystem (regulators, exchanges, media) to support a BTC PoS fork, steal the brand and control the network. It won’t be easy to pull it off but I think they will try.
