Is BlackRock Quietly Eating Bitcoin From the Inside Out?

A clip from Simon Dixon is making rounds on crypto Reddit and X this week, and the thesis is spicy: BlackRock, 21 Capital, and Tether are systematically centralizing $BTC through ETFs, treasury vehicles, and custodial products — essentially rewrapping Bitcoin in the same TradFi paper it was invented to escape. Dixon's word for it? A hijack.

The irony is delicious. Bitcoin was born as the ultimate 'screw the middleman' asset, and now the middlemen are buying it by the billion and handing retail a receipt instead of the keys. Dixon's prescription: self-custody, run your own node, avoid ETFs and leveraged products, and absolutely do not borrow against your stack. Radical? Maybe. But the underlying tension — Wall Street wrapping a decentralized asset in centralized products — is very real and worth taking seriously.

The suits didn't kill rock 'n' roll either, but they definitely made it worse.