490 sats \ 0 replies \ @jtwoodhouse 28 Jan \ on: Welcome To Wall Street bitcoin
I don't think it's particularly helpful to focus on Wall Street as inherently evil. I view them as the culmination of a set of incentives. They're playing the game as it's designed, and if you talk to many of the players behind closed doors, they'll tell you the game is broken and will eventually end.
If firms have done the homework to build and sell bitcoin products after years of belittling bitcoin, I view it as a sign that, at the very least, they understand the incentives that made them rich in the past are changing. Their consensus is breaking. They benefit a lot more by playing both sides of fiat and bitcoin until a new reality is clear.
There's a clear split going on in Wall Street right now, and that split is playing out in the marketplace as it should. I don't worry about any of them changing bitcoin because owning more bitcoin doesn't give you any more ability to change consensus.
The most they might do IMO is push some dumb fork if an ETF gets drained, like the DAO hack on ETH, but I don't think even that would be successful. BTC is too widely distributed at this point. Wall Street was always going to notice.