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Whispers of BlackRock’s XRP Pivot Stir Waves of Doubt Within Crypto Community

Last Updated September 18, 2023 10:27 AM
Omar Elorfaly
Last Updated September 18, 2023 10:27 AM

Key Takeaways

  • BlackRock is not investing in XRP.
  • It seems to be a case against AI journalism.
  • Community has doubts on BlackRock investments.

Since the start of the company’s involvement in crypto, BlackRock became a main headliner in most discussions regarding digital assets. 

The world’s largest asset manager, managing over $9 trillion in assets, filed for a spot Bitcoin ETF back in June, causing a significant stir in the market.

Now, an article on investing.com claims that the company is investing in XRP, alongside Bitcoin, resulting in a serious commotion among stakeholders online.

BlackRock Rumors

It all started when X accounts started posting unverified information about BlackRock investing in XRP without providing any evidence.

Understandably, the XRP community quickly jumped onto the wagon, boasting the success of Ripple’s native token. However, XRP barely inched forward in price.

Following the initial hype, investing.com published an article about the ongoing rumor. However, the publication did include “This article was generated with the support of AI and reviewed by an editor” in the footnote of the article.

Although the news has shown to have no merit nor solid evidence to back it up, XRP enthusiasts are not showing any signs of retracting the hype.

As a result, multiple crypto enthusiasts and experts such as Mason Versluis had to issue corrective posts warning people to “Believe nothing until you see solid evidence folks.”

BlackRock did not respond immediately to a request for a comment.

Misinformation + AI Vs. Crypto

Ripple, the company behind XRP, has been in the headlines quite often lately. Among the company’s latest milestones is defeating the US Securities and Exchange Commission in a landmark lawsuit regarding XRP.

But, naturally, as the company grows larger (so does XRP), rumors and misinformation are bound to influence its reputation and the well-being of its community.

Recently, David Schwartz, Ripple’s CTO had to apologize  on Twitter on behalf of his company. A user pointed out that Ripple wasn’t doing enough to dismiss rumors that affect the community’s financial health.

Schwartz responded saying “It’s a lot harder than you think. We don’t know everything, and even a small chance we “debunk” something true is worrisome.

“If we call out everything we know is false, we’ll be seen to be enforcing things we don’t know aren’t fake because we won’t can them out. There are other issues too, such as legal risks.”

The digital nature of crypto renders it vulnerable to attacks by scammers and bots over social media, resulting in an endless flow of misinformation.

A recent study shows that bots, especially on X (formerly Twitter), have a significant influence on the success of some cryptocurrencies, often steering the tide in favor of certain holders.

Whether tech CEOs like Elon Musk will truly eliminate bot activity and misinformation on their platforms remains uncertain. The issue appears daunting, even for the world’s wealthiest and most accomplished individuals.

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