There’s been a persistent rumour circulating in recent days that BlackRock is turning away from Bitcoin (BTC) in favour of Ripple (XRP). But this scoop seems to be based on nothing more than speculation, as we shall see.
Rumor surrounds BlackRock and Ripple in recent days
Many X publications and commentators have been discussing a rumor in recent days. Giant BlackRock is said to have become skittish about Bitcoin (BTC), and is considering taking the plunge with Ripple, and its XRP cryptocurrency.
Widely shared on X, the news has given some hope to the Ripple community, at a time when BlackRock’s application for a Bitcoin ETF is facing reluctance from the Securities and Exchange Commission (SEC).
But this news doesn’t seem to be based on anything other than speculation. It obviously came from user X “JackTheRippler”, who as his name suggests is part of the Ripple community :
RUMORS: Big Financial Giants like “BlackRock” may be reconsidering their stance on Bitcoin and may be eyeing alternatives like XRP! pic.twitter.com/88HgHmXj5v
– JackTheRippler ©️ (@RippleXrpie) September 14, 2023
” RUMORS: big financial giants like “BlackRock” might be reconsidering their positioning on Bitcoin, and perhaps considering alternatives like XRP!”
That’s already a lot of speculation, with JackTheRipple not even citing where these “rumors” are coming from. But the magic of X worked, and the information was reported on other channels, sometimes presented as a certainty. It spread as far as Investing.com, which ran a brief article on the subject two days ago.
No corroborating source to support this rumor
As we’ve just seen, there’s no credible source to back up this rumor, which seems to have come from just one member of the Ripple community. On the other hand, there are plenty of clues to suggest that BlackRock is determined to bet on Bitcoin.
Three weeks ago, we learned that BlackRock had invested heavily in mining-related companies – a long-term strategy that doesn’t seem to herald an abandonment of Bitcoin. In addition, the company’s CEO, Larry Fink, made a number of enthusiastic statements about the cryptocurrency queen over the summer. Like this one:
“If you look at the value of our dollar, how it’s depreciated over the last 2 months and how much it’s appreciated over the last 5 years, an international crypto product can really transcend that. That’s why we think there are great opportunities. And that’s why we’re seeing more and more interest. And that interest is widespread, on a global scale. “
Larry Fink, who called Bitcoin a “real alternative” in July, therefore doesn’t seem to have communicated any particular interest in Ripple. This story therefore reminds us that in the world of cryptocurrencies, enthusiasm and FUD are two powerful mechanisms, and that it’s always appropriate to verify the origin of a piece of information.
