The Ledger01.02.26

BlackRock's Trojan Horse

How JPMorgan and BlackRock are executing a hostile takeover of blockchain infrastructure while crypto celebrates their arrival.
Artwork for BlackRock's Trojan Horse

Before we dive in, let's start with some culture.

In 1760, Giovanni Domenico Tiepolo painted The Procession of the Trojan Horse into Troy. The canvas is chaos and celebration - Trojans hauling the colossal wooden horse through their gates, bodies straining against ropes, faces lit with triumph. The horse looms pale against a muted sky, almost spectral. And in the background, barely visible, Cassandra is being arrested. She alone saw what was coming. No one listened.

What strikes me about the painting isn't the horse. It's the energy. Pure momentum. The Trojans aren't deliberating. They're celebrating. The Greeks had fled. The siege was over. The gift before them was proof of victory.

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