© Reuters.

There is no doubt that BlackRock’s spot exchange-traded fund (ETF) application — and the flood of contenders that followed — has buoyed the bulls. It could signal the winds of change in the regulatory sphere, they say. It could bring Bitcoin exposure to the masses, they holler.

While there might be some truth in these statements, we need to take a step back and look at the bigger picture. We should not be in a world where the mere possibility of a spot Bitcoin ETF coming to fruition in the United States sends markets into overdrive. BlackRock’s potentially oversized impact on Bitcoin’s (BTC) price trajectory should give everyone in the Bitcoin community pause for thought rather than be a cause of celebration.

Ben Caselin is vice president and chief strategy officer at MaskEX, a digital assets trading platform headquartered in Dubai, UAE. Focused on driving the mass adoption of Bitcoin and digital assets, he is responsible for MaskEX’s global expansion efforts across business development, marketing and communications. Prior to joining MaskEX, he held various senior executive roles at AAX. He holds a BSc degree in cultural anthropology and development sociology from Utrecht University and an MSc in global migration studies from UCL.

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