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BlackRock XRP ETF? Larry Fink’s Comment Sparks Speculation

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Sun, 14/01/2024 - 7:34
BlackRock XRP ETF? Larry Fink’s Comment Sparks Speculation
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The XRP community is abuzz with speculation after BlackRock CEO Larry Fink's elusive comment on the potential for an XRP Exchange-Traded Fund (ETF). 

During a recent Fox Business interview, when asked about an XRP ETF, Fink said, “I can’t talk about that!” when asked about an XRP ETF. 

This cryptic response has left investors and analysts parsing his words for hints of BlackRock's possible foray into XRP. Financial journalist Charles Gasparino weighed in, noting Fink's limited awareness of XRP, though acknowledging a growing fluency in Ethereum.

Fink's Bitcoin journey 

Larry Fink's cryptocurrency U-turn is a narrative echoing the broader shift in the financial world. 

Speaking to Fox Business, Fink recollected his journey from viewing Bitcoin as a conduit for illicit activities to recognizing its potential as a "digital gold." 

Fink candidly expressed his initial reservations about Bitcoin, aligning with Gary's position that it was a medium for illicit activities. “I did believe, and this is Gary’s position, that it’s still one of the vehicles for illicit activity, I think no one can deny that,” Fink stated.

He has now acknowledged Bitcoin’s role as a safe asset in politically or economically unstable countries, likening it to an international, cross-border ledger transcending government control. 

Addressing the concerns about the negative elements in the crypto space, Fink acknowledged the presence of bad players but also noted the increasing legitimacy of the sector. “There’s a lot of bad players in all startup things but I think it's become more legitimized,” he said, citing the introduction of the Bitcoin ETF as a significant step in establishing legitimacy and safety within the cryptocurrency market.

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Fink’s evolving stance, coupled with his acknowledgment of Bitcoin ETFs legitimizing the crypto space, paints a picture of a financial titan inching closer to embracing digital currencies.

After Bitcoin ETF approval, will XRP follow?

The green light for Bitcoin spot ETFs by the SEC has set the stage for other cryptocurrencies to follow suit. 

As reported by U.Today, Valkyrie Funds’ co-founder, Steve McClurg, in a Bloomberg interview, expressed optimism about Ethereum and XRP ETFs in the wake of Bitcoin's approval. 

His views are backed by market movements like Grayscale’s inclusion of XRP in their traded trusts, hinting at an increasing appetite for diverse crypto investment products. 

Valkyrie remains noncommittal about launching Ethereum or Ripple ETFs, but the potential for these ETFs to attract a wider retail audience underscores the growing mainstream appeal of cryptocurrencies.

It is worth noting that Ripple CEO Brad Garlinghouse recently celebrated the SEC's approval of Bitcoin spot ETFs, viewing it as a significant milestone in legitimizing cryptocurrencies as a mainstream asset class.

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