The trust as it is set up apparently has no legal obligation to redeem to anyone, even the authorized participants. Which means buying bitcoin through the trust is just giving your fiat to BlackRock, so that BlackRock can buy bitcoin, give you some “shares” which they don’t have to redeem for anything. They take your money, and THEY own the Bitcoin outright. You can’t even sure them.

It’s the same shit agreement they have with everyone’s retirement in a sense. They take all your retirement money and buy stock, but they take all of the voting rights. So we hand over all of our retirements and they suddenly have decision making power over practically every company in the economy to direct against our own interests.

This will result in a huge price explosion, but this is fucking shit for Bitcoin and bitcoiners.