Rumors of a large-scale purchase of XRP by the world’s largest asset manager, BlackRockcaught the attention of the crypto world this week. Screenshots circulating on X suggest that a global investment firm has invested more than a billion dollars in the altcoin, causing both excitement and skepticism throughout the crypto community.
BlackRock’s Rumored $1.85 Billion XRP Bet
The frenzy started when several prominent crypto promoters, including Crypto Bull, shared posted screenshot and portfolio BlackRock has added 1.85 billion worth of XRP to its total crypto holdings. Given BlackRock’s significant influence in the crypto space, the idea that the asset manager had invested in XRP it was seen as a major sign of institutional acceptance of cryptocurrency.
The rumors caused a wave of speculation about the token, with some market participants viewing the alleged purchase as overactive. A closer look at the BlackRock’s real portfoliohowever, it shows that the reports were baseless and had no evidence to support them.
Data from Arkham Intelligence, a blockchain analytics company, it was revealed that, contrary to expectations, BlackRock owns only 5.267 XRP, with a value of only 10.32 dollars – far from the value of 1.85 billion dollars. The data also showed that the property manager it holds most of its assets in Bitcoin and Ethereum. BlackRock’s total crypto portfolio is estimated at $82.1 billion, including 784,424 BTC worth $71.31 billion, 3.494 million ETH worth about $10.8 billion, and other assets.
The investigation also revealed that the initial screenshots, which showed BlackRock holding 911.76 million XRP, were edited to exaggerate the asset manager’s holdings. This misrepresentation created a short-term hype, but did not reflect any actual altcoin investment by the company.
Despite the false fear, this incident shows how quickly Misinformation can spread in the crypto spaceespecially when it is shared by crypto influencers and thousands of followers. Crypto Bull’s post drew mixed reactions from the community. Others is asked why didn’t the price of XRP go up if the reports were accurate, while others remain skeptical, and few outright dismissed claims.
The Rise of Misinformation in the Crypto Space
False rumors have been a recurring theme in the crypto world, and the recent incident with XRP and BlackRock is just one example. This is also not the first time false claims have been made about the token. Earlier this month, rumors that Ripple’s potential relationship with Amazon public coverage, sparked speculation about how such a partnership could positively impact the price of XRP.
Similarly, excessively optimistic price forecasts and can contribute to misinformation. Some analysts predicted that XRP can reach $50,000fueling unrealistic expectations for investors. In a market driven by speculation and volatility, it is important for investors to verify sources and avoid making decisions based on unverified claims.
Featured image from Getty Images, chart from Tradingview.com
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