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The world’s largest asset management company, BlackRock, with over $9 trillion in assets under management, has sparked great interest on social media platform X with a rumor that it can convert its crypto strategy from Bitcoin (BTC) to XRP. However, the source of the rumor seems to be unreliable and the excitement shown by some members of the XRP community appears to be unwarranted. Here are the details.
The Anatomy of Fake Rumors
The rumor seems to be based on a tweet from a fake news source called WallStreetBulls, speculating that “institutional trust is shifting towards more sustainable and efficient cryptocurrencies.” This gained further traction with a news article on Investing.com claiming that BlackRock had reevaluated its stance on Bitcoin without citing any source and favored XRP instead.
The narrative gained acceptance within the XRP community without being thoroughly researched, fueling speculative frenzy. However, some members of the crypto community, like Mason Versluis, cautioned against believing anything without strong evidence and urged investors to be cautious.
BlackRock’s Interest in Cryptocurrencies
It is true that BlackRock has taken cautious steps in the cryptocurrency market, but there is no evidence to suggest that it has shifted its focus from Bitcoin to XRP. The asset management giant applied for a spot-based Bitcoin exchange-traded fund (ETF), but its application faced delays from the U.S. Securities and Exchange Commission (SEC).
BlackRock CEO Larry Fink, although skeptical of cryptocurrencies in the past, now believes in their potential to revolutionize finance. The company’s moves indicate a general interest in cryptocurrencies as a whole, rather than a specific focus on any particular crypto like XRP.
