Cardano founder Charles Hoskinson criticizes BlackRock's Bitcoin ETF and raises concerns about the compromise of decentralization and individual control over crypto assets.
Hoskinson questions the alignment of the ETF with the ethos of 'not your keys, not your crypto' and warns about the risks of centralization that arise from institutional involvement.
He argues that ETF holders lack true ownership and rely on BlackRock's custodians, potentially giving large institutions like BlackRock significant influence over Bitcoin's supply and governance.
Hoskinson highlights the potential shift away from decentralization and questions if reliance on traditional financial mechanisms aligns with Bitcoin's mission.