Recently, a rumor suggesting that BlackRock, the world's largest asset manager with over $9 trillion in assets under management, might be pivoting its digital currency strategy from Bitcoin to XRP caught fire on the X social media platform.
However, closer inspection reveals the rumor lacks credible sourcing, and it's clear that excitement among the XRP community was unwarranted.
The anatomy of fake rumors
The origin of this buzz appears to be a tweet from a fake news account, WallStreetBulls, that speculated on a "shift in institutional confidence towards more sustainable and efficient digital assets." This was further amplified by a story on Investing.com, which claimed BlackRock was reevaluating its stance on Bitcoin in favor of XRP without citing any sources.
The narrative was uncritically picked up by prominent accounts within the XRP community, adding fuel to the speculative fire.
Despite this, some members of the crypto community, like Mason Versluis, have called for caution, urging investors to "believe nothing until you see solid evidence."
BlackRock's recent involvement in crypto
It's true that BlackRock has been making cautious strides into the cryptocurrency market, but there is no solid evidence to suggest it is shifting its focus from Bitcoin to XRP.
The financial giant has indeed submitted an application for a Bitcoin exchange-traded fund (ETF), although this has faced delays from the U.S. Securities and Exchange Commission (SEC).
Larry Fink, BlackRock's CEO, has also endorsed the crypto industry's potential to "revolutionize finance," a far cry from his earlier skepticism. Yet, all these moves indicate a broad interest in digital assets, rather than a specific focus on any one cryptocurrency.
Tomiwabold Olajide
Yuri Molchan
