In the ever-changing crypto landscape, eyes have turned to the world’s largest asset manager BlackRock in recent months. With more than $9 trillion in assets under management, BlackRock has always attracted attention as a leading player in the financial world.
This summer, BlackRock filed for a Bitcoin (BTC) exchange-traded fund (ETF), or publicly traded fund. This led to great excitement and speculation within the crypto community. However, rumors are circulating that the financial giant may be considering a significant shift in its crypto investments.
Is BlackRock Shifting Its Attention From Bitcoin To XRP?
There is speculation that BlackRock may shift its strategic focus from Bitcoin to XRP, Ripple’s currency. Although these rumors are currently unconfirmed, they could have far-reaching consequences for the crypto landscape.
According to a recent publication by Investing, several invoices may indicate that BlackRock’s interest in XRP may have been piqued. The changing regulations surrounding cryptocurrencies and technological advancements would be two of these important criteria. The report also suggests that XRP is a more profitable investment than Bitcoin. This news sent the crypto community into a frenzy.
The publication sparked intense discussions on all social media platforms. It is rumored in some circles that Robert Mitchnick, the current head of crypto investments at BlackRock, previously worked at Ripple. This led to intense speculation about possible connections between BlackRock and Ripple. However, these rumors are unconfirmed and should be viewed with caution.
Don’t fall for the rumors that the world’s largest asset manager is dumping BTC for the Ripple-backed digital asset 🔥
A thread 🧵 pic.twitter.com/dPaMDVhRA7
— Budhil Vyas (@BudhilVyas) September 16, 2023
The Impact of Rumors in Crypto
Investing’s report also suggests that BlackRock’s interest in XRP may have been fueled by the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC). This lengthy legal battle has captured the attention of the crypto world since its inception.
Recently, Ripple CEO Brad Garlinghouse highlighted the differences between XRP and BTC in a conversation with the well-known Bloomberg. Garlinghouse points to XRP’s potential to thrive thanks to Ripple’s partnership with banks. This is in stark contrast to Bitcoin, which seeks to sideline banks and governments through a decentralized network.
Interestingly, the XRP price has seen some price increases over the past week. At the time of writing, the digital currency is trading at a price of $0.5205. This is an increase of more than 8% compared to the previous week.