Bitcoin Maxi Admits BlackRock’s 0.25% Fee Cheaper Than Periodically Buying All His Bitcoin Again

AUSTIN, TX — Bitcoin maximalist John Wojcik reluctantly conceded Friday that BlackRock’s 0.25% annual fee was competitive after adding “purchase all bitcoin again” to the operating costs of being his own bank.

Wojcik, who had spent six years posting “not your keys, not your coins,” made the adjustment after reading that Ledger wallet users had lost $86 million potentially due to wallet tampering and checking whether his spreadsheet allowed transaction expenses above 100%.

“I eliminated counterparty risk,” Wojcik said. “Except for the manufacturer, the firmware, the shipping company, the entropy calculation, the person who wrote the update, and whoever has apparently been acting as me since Tuesday.”

His revised analysis counted the hardware wallet, a steel seed-phrase plate, a backup device, and the second job required to restore his original position. Previously, only the wallet’s purchase price had been classified as a cost. Everything afterward was considered a learning experience.

Wojcik maintained that entrusting assets to a legacy financial institution violated bitcoin’s founding principles, but requested a temporary dispensation until he could afford those principles again.

The discovery also forced him to reconsider his claim that an ETF introduced unnecessary intermediaries. His own custody arrangement involved eleven vendors and a treasure map his family could not follow without consulting a forum.

“BlackRock takes a quarter of a percent,” he said. “I mean, I still object philosophically... But mathematically, I would like their phone number, please...?”

At press time, Wojcik had purchased ETF shares and engraved his brokerage’s password-reset number on a titanium plate.