Cryptocurrency Prices Surge, Driven by a Potential Bitcoin Fund – The New York Times

The crypto industry has yearned for good news since last year’s market collapse, which erased billions of dollars in savings practically overnight. But approval of a Bitcoin E.T.F. is not guaranteed, and some analysts have cast doubt on whether it would draw much new investment to the crypto world.

The fixation on the new fund also underscores how far crypto has drifted from its anti-establishment roots. Bitcoin was created 15 years ago as an alternative to the traditional financial system and a tool to undermine powerful Wall Street interests. Now some Bitcoin enthusiasts are celebrating giant financial firms like BlackRock as the industry’s saviors.

“The hypocrisy is just maddening,” said John Reed Stark, a former S.E.C. official and outspoken critic of the crypto industry. “It’s anathema to why Bitcoin was created in the first place.”

Source: Cryptocurrency Prices Surge, Driven by a Potential Bitcoin Fund – The New York Times