Bitcoin Pioneer Criticizes BlackRock: “They’re Trying to Approve a Pyramid ETF”

AdamBack, seen by some as the possible Satoshi Nakamoto, is angry with BlackRock. The reason is related to the entry of the request for Ethereum ETF available in the US, released last week.

According to Back, the news is true “pessimistic” to the market because “affects credibility”. In other words, the developer believes that the Bitcoin ETF will lose steam because another inferior cryptocurrency can also be traded on US exchanges.

Bitcoin currently has a market value of $715 billion. Ethereum is worth approximately $240 billion. In any case, the projects they have do not compete; one is treated as ‘digital gold’ and the other as ‘digital oil’.

Adam Back Believes Ethereum ETF Is Terrible for Bitcoin

Hashcash creator Adam Back is one of the few people mentioned in the Bitcoin whitepaper as a reference. His experience in this field is so vast that some believe the developer is Satoshi Nakamoto himself, the creator of Bitcoin.

Back, a maximalist, criticized BlackRock’s Ethereum ETF application on his social media, stating that the news has a negative impact on Bitcoin. After a follower pointed this out “It would have an impact on your portfolio”the developer further explained his vision.

“It has an impact on humanity. Bitcoin is a new hope. Scammers are grabbing the gate like a horde of zombies.”

In the case of scammers, Back is referring to Ethereum developers and investors. ‘I don’t care about them. [BlackRock]”commented back on the fact that the manager is a business, adding that this affects the “credibility for the Bitcoin asset class, with a barnacle trying to keep up”.

Tweets from Adam Back, creator of Hashcash, commenting on BlackRock's Ethereum ETF application.  X/Play.
Tweets from Adam Back, creator of Hashcash, commenting on BlackRock’s Ethereum ETF application. X/Play.

At the time of writing, Ethereum is trading at $2,006. The cryptocurrency gained more than 10% after BlackRock’s entry last week, but retreated in the following days.

Adam Back believes that people will use Bitcoin in 100 years

Bitcoin was created in 2009 and is about to turn 15 years old in January 2024. An absurd new asset compared to precious metals such as gold and silver, for example.

When asked whether people will still be using Bitcoin in 100 years, Adam Back was confident. “100%”the developer replied, noting that its technology can be updated, reducing the risk of competition.

“The technology can be updated if someone finds a better technology (to be clear, that hasn’t happened yet)”Back continued. “We know a lot more about molecular chemistry and metallurgy than we did 6,000 years ago, but people still use [o ouro] because it was previously the best strong monetary technology.”

Finally, in another tweet, the developer calls Ethereum a pyramid, believing that BlackRock is wasting its time.

“They are a securities company and they should know that asking for an ETF for a pyramid scam is a waste of time.”

Source: Live Coins