Breaking: BlackRock just froze $1.2 billion in withdrawal requests at its private credit fund.
Here's what happened:
• Investors in BlackRock's $26B fund asked to pull out 9.3% of their money
• BlackRock said no — capped withdrawals at 5%
• Blackstone's $82B fund saw record withdrawal requests the same week
• Blackstone had to put in $400M of its own cash to cover the exits
Two of the biggest funds on the planet are limiting how much you can take out.
My conclusion: Whoever designed the system understands Bitcoin and probably owns some. It's a system designed on game theory to make sure every participant acts according to the best interest of the entire network and acts honestly.
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