Crypto Enthusiasts Question BlackRock's Alleged Bitcoin ($BTC) to $XRP Pivot

The cryptocurrency community has been heavily criticizing circulating rumors that suggest the world’s largest asset manager BlackRock is shifting its cryptocurrency strategy from the flagship cryptocurrency Bitcoin ($BTC) to the $XRP token.

The rumor was further exacerbated by a recently published article on the popular financial information portal, which suggests such a pivot to XRP “could not only increase the digital asset’s value but could also significantly enhance its credibility within the financial sector.”

The article, however, clearly states that it was generated with the use of artificial intelligence and was subsequently reviewed by an editor. The cryptocurrency community remains largely skeptical of the purported transition, with many calling the rumors false and pointing out there’s a lack of evidence behind them.

While many criticized the rumors and articles supporting it, some on the microblogging platform X (formerly known as Twitter), underscored a prior affiliation between Ripple and BlackRock. Their findings reveal that BlackRock’s current head of Digital Assets Robert Michnick previously served as Ripple’s head of strategy and product marketing.

As CryptoGlobe reported, major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.

As noted earlier by CoinShares Chief Strategy Officer, Meltem Demirors, at least eight financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more.”

BlackRock, the world’s largest asset manager, took a pioneering leap on June 16 with a spot Bitcoin exchange-traded fund application, seemingly igniting a domino effect as peers rushed to file similar applications.

Earlier this month, a senior ETF analyst from Bloomberg has suggested that a potential $150 billion influx of capital into the Bitcoin market could occur over the next couple of year, contingent on the green light for BlackRock’s proposed spot Bitcoin ETF.

Featured image via Pixabay.

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