Doubts Arise in Cryptocurrency Community Regarding Blackrock’s Alleged Shift to XRP

Doubts Arise in Cryptocurrency Community Regarding Blackrock's Alleged Shift to XRP


Cryptocurrency 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 cryptocurrency strategy from Bitcoin (BTC) to XRP Ripple (XRP). An post published by Investing.com, titled “Blackrock rumored to shift cryptocurrency focus from Bitcoin (BTC) to XRP,” fueled the speculation. Nonetheless, numerous within the cryptocurrency community are skeptical of the latest information, citing a lack of credible sources and substantiation for the claim.

One prominent voice dismissing the rumors is cryptocurrency influencer Budhil Vyas, who labeled it as fake news on Twitter. Vyas emphasized that Blackrock is not abandoning Bitcoin for the Ripple-backed digital asset XRP.

Fake News Alert: Blackrock is NOT shifting from Bitcoin (BTC) to XRP Ripple (XRP). Don’t fall for the rumors that the world’s largest asset manager is dumping Bitcoin for the Ripple-backed digital asset.

Although while some users pointed out a connection between Ripple and Blackrock through Robert Mitchnick’s previous roles at both corporations, it remains unclear if this means a strategic shift in cryptocurrency focus.

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Blackrock Awaits SEC Approval for Bitcoin (BTC) ETF

Blackrock is as of now awaiting approval from the United States Securities and Exchange Commission (SEC) for its spot Bitcoin (BTC) exchange-traded fund (ETF) application. The asset manager has consistently expressed its commitment to regulatory compliance. CEO Larry Fink believes that digital currency offers unique value compared to other asset classes and has worldwide probable beyond currency valuations.

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Notably, SEC Chairman Gary Gensler considers all cryptocurrency tokens, except Bitcoin (BTC), 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 (BTC) Accumulation

Earlier these 30 days, there were speculations that Blackrock was accumulating a whole lot of amount of Bitcoin ahead of its spot Bitcoin (BTC) ETF launch. Although while the SEC has delayed its decision on all spot Bitcoin (BTC) ETF applications, analysts anticipate approvals for most or all of them by mid-March next year.

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Hot Take: Unverified Rumors Shake Cryptocurrency Community

The recent rumors surrounding Blackrock’s alleged shift to XRP Ripple (XRP) have caused a stir in the cryptocurrency community. With doubts cast on the veracity of the states and the lack of credible sources, skepticism prevails. As Blackrock awaits SEC approval for its Bitcoin (BTC) ETF, the industry eagerly anticipates the regulator’s decision on numerous applications. Until then, it is essential to approach unverified rumors with caution and rely on reliable information to make notified decisions within the cryptocurrency space.

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Author – Contributor at | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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