BlackRock, the world’s largest asset manager, has reportedly demanded that Coinbase, a popular cryptocurrency exchange, implement a 12-hour withdrawal period for Bitcoin. This decision has sparked concern among investors and traders in the crypto community.
The new withdrawal policy means that users who want to move their Bitcoin from Coinbase to another wallet or exchange will have to wait for 12 hours before the transaction is completed. This has raised questions about the impact on liquidity and price movements in the market.
BlackRock’s move comes as the company prepares to launch its own Bitcoin exchange-traded fund (ETF). The asset manager’s decision to impose a longer withdrawal period on Coinbase users could be seen as an attempt to control the flow of Bitcoin and prevent any potential disruptions to its own ETF.
While some may see this as a strategic move by BlackRock to protect its interests, others have raised concerns about the impact on individual investors and the overall stability of the Bitcoin market. It remains to be seen how this new withdrawal policy will affect the crypto community and whether other exchanges will follow suit.