The Great Bitcoin Abstraction: BlackRock's Plan to Tokenize Your ETF—And Why You Might Own Nothing

BlackRock is exploring turning its Bitcoin ETF (a regulated "receipt" for Bitcoin) into tokens on a blockchain. This creates another layer of abstraction from the actual Bitcoin, flooding the market with synthetic derivatives while the real asset remains locked in their vault. Critics argue it's ironic to buy a tokenized surrogate when you could just own the real Bitcoin on the same exchange.