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Crypto Community Skeptical of Blackrock's XRP Pivot Rumors

Many crypto proponents have warned that despite a small connection between Blackrock and XRP, the news of the world’s largest asset manager shifting focus from bitcoin to XRP is fake. Blackrock is currently waiting for the U.S. Securities and Exchange Commission (SEC) to greenlight its spot bitcoin ETF application.

Crypto Proponents Doubt Veracity of Blackrock-XRP Rumors

Over the past few days, rumors have circulated on social media that Blackrock, the world’s largest asset manager, is shifting its crypto strategy from bitcoin to XRP. One of the widely shared articles was published by Investing.com, titled “Blackrock rumored to shift crypto focus from Bitcoin to XRP.” The article explicitly disclosed that it was “generated with the support of AI and reviewed by an editor.”

Many people within the crypto community doubt the veracity of the news, pointing out that the claim is unsubstantiated and lacks credible sources. Some flat-out called it fake news, including crypto influencer Budhil Vyas, who wrote on social media platform X:

Fake News Alert: Blackrock is NOT shifting from bitcoin to XRP. Don’t fall for the rumors that the world’s largest asset manager is dumping BTC for the Ripple-backed digital asset.

Nonetheless, some X users highlighted a connection between Ripple and Blackrock. They detailed that Robert Mitchnick, who is currently head of Digital Assets at the asset management firm, previously served as the head of strategy and product marketing at Ripple Labs.

Blackrock is currently waiting for the U.S. Securities and Exchange Commission (SEC) to approve its spot bitcoin exchange-traded fund (ETF) application. The asset manager has consistently affirmed its commitment to adhering to regulations. Blackrock CEO Larry Fink has stated that crypto “has a differentiating value versus other asset classes,” noting that “it’s so international it’s going to transcend any one currency and currency valuation.”

SEC Chairman Gary Gensler has stated that all crypto tokens, except bitcoin, are securities. The SEC is currently engaged in a legal battle with Ripple Labs regarding the offers and sales of XRP.

Earlier this month, there were speculations that Blackrock is buying a lot of BTC ahead of its spot bitcoin ETF launch. While the SEC has delayed its decision on all spot bitcoin ETF applications, some analysts expect the securities regulator to approve most or all of them by mid-March next year.

What do you think about the rumors that Blackrock has pivoted its crypto strategy from bitcoin to XRP? Let us know in the comments section below.

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