According to Cointelegraph, BlackRock executive Jay Jacobs said US crypto exchange-traded funds are pulling Bitcoiners into traditional finance. The report’s headline specifically refers to BlackRock’s IBIT as part of this shift, describing the product as a bridge that brings Bitcoin-focused users into closer contact with traditional financial channels.
BlackRock’s “Great Convergence” framing
Inside BlackRock, the merger of crypto, decentralized finance and traditional finance is being referred to as the “Great Convergence.” The phrase places three areas in the same framework: crypto as the digital-asset and user layer, decentralized finance as the onchain financial application layer, and traditional finance as the established system of financial products and distribution.
The central point of the report is the relationship between US crypto ETFs and Bitcoiners. Jacobs’ remarks frame these products as a way for users associated with Bitcoin to enter a traditional-finance context, while BlackRock uses the “Great Convergence” label for the broader combination of crypto, decentralized finance and traditional finance.