Different documents ensure that the investment giant is considering betting on a new crypto instead of BTC: which one is it?
A recent report released by Investing spread speculation about the inclinations of BlackRock towards the token Ripple, XRPsuggesting that this could surpass Bitcoin in terms of profitability.
According to the document, the financial giant would be contemplating leave the leading cryptocurrency behind in favor of XRP, driven by the recent events in the legal battle against the US regulator and the notable fluctuations in its price.
However, it is important to highlight that these statements should be taken with caution, since the supposed preference of BlackRock for the token Ripple It is based on traders’ speculations that are not confirmed.
Some investors claim that Robert Mitchnick, the company’s current head of cryptocurrency investments, is a former employee of Ripplesparking speculation about a possible endorsement of XRP by BlackRock. However, there are no reliable sources no conclusive evidence that support this hypothesis.
BlackRock: for the Bitcoin TFF
Furthermore, the reasons for BlackRock to lean towards XRP at this time are uncertain and of lesser relevance. Although the resolution of the lawsuit between Ripple and the SEC remains unknown, the future of XRP remains subject to speculation.
On the other hand, BlackRock is close to getting approval for its spot ETF application. Bitcoinwhich could drive the price of the largest cryptocurrency by market capitalization in the near future, possibly generating higher profits.
This becomes more relevant considering the predictions of many experts who anticipate an imminent boom into orange cryptocurrency in the coming months. Specifically, with the upcoming halvingwhich is expected to happen next April and will take the price of Bitcoin to a much higher price.
However, it is essential to note that an increase in the price of the token It is usually accompanied by an increase in other altcoins. Thus, although investors who bet on XRP do not get BlackRock backing, it is possible that do not incur losses and maintain your position in the cryptocurrency market.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
