Crypto Community Questions Blackrock’s Alleged Shift to XRP
In recent days, social media has been abuzz with rumors that Blackrock, the world’s largest asset manager, is changing its crypto strategy from bitcoin to XRP. An article published by Investing.com, titled “Blackrock rumored to shift crypto focus from Bitcoin to XRP,” fueled the speculation. However, many within the crypto community are skeptical of the news, citing a lack of credible sources and substantiation for the claim.
One prominent voice dismissing the rumors is crypto influencer Budhil Vyas, who labeled it as fake news on Twitter. Vyas emphasized that Blackrock is not abandoning BTC for the Ripple-backed digital asset XRP.
Fake News Alert: Blackrock is NOT shifting from bitcoin to XRP. Don’t fall for the rumors that the world’s largest asset manager is dumping BTC for the Ripple-backed digital asset.
While some users pointed out a connection between Ripple and Blackrock through Robert Mitchnick’s previous roles at both companies, it remains unclear if this implies a strategic shift in crypto focus.
Blackrock Awaits SEC Approval for Bitcoin ETF
Blackrock is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC) for its spot bitcoin exchange-traded fund (ETF) application. The asset manager has consistently expressed its commitment to regulatory compliance. CEO Larry Fink believes that cryptocurrency offers unique value compared to other asset classes and has global potential beyond currency valuations.
Notably, SEC Chairman Gary Gensler considers all crypto tokens, except bitcoin, as securities. The SEC is presently engaged in a legal battle with Ripple Labs regarding the sales of XRP.
Prior Speculations of Blackrock’s Bitcoin Accumulation
Earlier this month, there were speculations that Blackrock was accumulating a significant amount of BTC ahead of its spot bitcoin ETF launch. While the SEC has delayed its decision on all spot bitcoin ETF applications, analysts anticipate approvals for most or all of them by mid-March next year.
Hot Take: Unverified Rumors Shake Crypto Community
The recent rumors surrounding Blackrock’s alleged shift to XRP have caused a stir in the crypto community. With doubts cast on the veracity of the claims and the lack of credible sources, skepticism prevails. As Blackrock awaits SEC approval for its bitcoin ETF, the industry eagerly anticipates the regulator’s decision on various applications. Until then, it is essential to approach unverified rumors with caution and rely on reliable information to make informed decisions within the crypto space.
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