Uncovering BlackRock Rumors Switching From Bitcoin To XRP, Isn't It True?

XRP and Bitcoin. (Photo; Doc. Coinfomania)

JAKARTA - In recent days, the crypto world has been shocked by rumors that BlackRock, the world's largest asset manager, has changed its focus from Bitcoin to XRP. Although this news spreads through social media, many crypto advocates doubt the truth of this claim and call it fake news.

One of the articles that created this furore was published by Investing.com that sparked controversy. Several figures in the crypto community, including Budhil Vyas, a crypto influencer, firmly stated that this news was fake and reminded not to get caught up in the rumors. He confirmed that BlackRock is not switching from Bitcoin to a digital asset supported by Ripple, XRP.

However, some crypto users highlight the relationship between BlackRock and Ripple. They revealed that Robert Mitchnick, who currently serves as head of Digital Assets at BlackRock, has worked as head of product strategy and marketing at Ripple Labs, creating a number of connections between these two companies.

Currently, BlackRock is awaiting approval from the US Securities and Exchange Commission (SEC) for Bitcoin exchange-traded fund applications (ETF). BlackRock has consistently emphasized its adherence to crypto regulations. BlackRock CEO Larry Fink has recognized the unique value of crypto and how international this asset is.

The hope is that cryptocurrencies will go beyond single currency limits and traditional currency valuations. It should be noted that SEC Chair Gary Gensler, has stated that nearly all crypto tokens, except Bitcoin, can be considered securities. The SEC is currently involved in legal battles with Ripple Labs over XRP offerings and sales.

This month, speculation emerged that BlackRock had purchased large amounts of Bitcoin ahead of the launch of the spot's Bitcoin ETF. Although the SEC has postponed its decision on the Bitcoin spot ETF app, analysts predict that securities regulators will give approval in most or entirely by mid-March next year.