In recent days, there has been a rumor circulating on social media that BlackRock, the world’s largest asset management firm, is changing its strategy regarding cryptocurrencies.
It is said that they are shifting away from Bitcoin in favor of the XRP Ripple token.
Is BlackRock preferring XRP over BTC?
BlackRock is indeed in the process of applying for the creation of a Bitcoin spot market exchange-traded fund (ETF). The hope that the company will succeed and obtain approval from the SEC to launch such a fund has bolstered the community’s belief in a significant increase in Bitcoin’s price in 2024.
However, recently, there have been reports online suggesting that the company is changing its strategy and abandoning Bitcoin in favor of XRP.
Has the company confirmed these reports? No. In fact, the origin of these rumors is unclear.
Many individuals in the cryptocurrency community have learned to be skeptical of such “sensational” news.
User X Budhil Vyas made it clear on social media:
False News Alert: BlackRock is NOT switching from Bitcoin to XRP. Don’t fall for rumors that the world’s largest asset manager is ditching BTC in favor of Ripple-supported digital assets.
Some users pointed out that there might be some connections between Ripple and BlackRock.
Robert Mitchnick, who currently heads the digital asset division at the asset management firm, previously served as the Chief Strategy and Product Marketing Officer at Ripple Labs.
However, these personal connections are insufficient to make sweeping conclusions about a shift away from a Bitcoin strategy.
Most likely, we are dealing with typical fake news aimed at temporarily lowering the price of BTC.
Earlier this month, there were also speculations in the opposite direction. Some claimed that BlackRock is currently accumulating a significant amount of BTC to prepare for the launch of its Bitcoin spot market ETF.
However, there is no concrete evidence to support this claim.
Awaiting the SEC Decision For those investing in cryptocurrencies, it’s important to remember that we are likely to experience many short-term shocks that will affect the price of BTC in the near future. Some will attempt to exploit the fact that the SEC has delayed its decision on ETF applications.
The commission may issue a decision in the second half of October or even extend the deadline to March 2024 at the latest.
A positive decision will likely trigger a surge in the market, especially since the SEC is also set to make decisions regarding Ethereum ETFs (both spot and futures) soon.
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