BTC Sessions
It’s OVER: BlackRock JUST EXPOSED Coinbases Secret Paper Bitcoin ATTACK! | O’Brien|Barbour|Mechanic
Apr 9, 2025
In a riveting discussion, Adam O’Brien, CEO of BitcoinWell and self-custody maximalist, Steve Barbour of Upstream Data, and Bitcoin Mechanic, Chief Boiling Officer at Ocean, dissect BlackRock's explosive decision to transition Bitcoin from Coinbase to Anchorage Digital. They dive into the significance of self-custody amidst trust issues surrounding exchanges and highlight the innovative practices of decentralized mining. The trio also tackles energy policies impacting Bitcoin's future and shares inspiring stories about educating the next generation on financial independence through cryptocurrency.
01:12:33
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Quick takeaways
- BlackRock's transfer of Bitcoin assets to Anchorage Digital raises significant concerns about Coinbase's trustworthiness and custody practices.
- The centralized custody of Bitcoin by major platforms like Coinbase threatens the decentralized nature and financial sovereignty that Bitcoin aims to uphold.
Deep dives
BlackRock's Shift Away from Coinbase
BlackRock has raised concerns about Coinbase's trustworthiness by transferring part of its $45 billion Bitcoin assets to Anchorage Digital, a smaller firm. This decision coincides with an amendment to their custody agreement that tightens protocols for handling Bitcoin withdrawals, increasing the process's urgency amid allegations regarding Coinbase issuing debt against actual Bitcoin holdings. The exchange’s ability to manage assets and maintain a credible custody service is under scrutiny, particularly with social media speculation suggesting that it may be involved in manipulating Bitcoin prices. This development raises questions about the legitimacy of Coinbase providing a secure environment for handling large amounts of Bitcoin.
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