No, BlackRock and Coinbase are not suppressing the Bitcoin price
On Saturday, an unsubstantiated rumor about Coinbase writing Bitcoin IOUs for BlackRock in order to suppress the price of the leading cryptocurrency started One social media post, which has contributed to mushrooming the insane conspiracy, managed to accumulate thousands of likes.
The term"IOU," which is an acronym for"I owe you," refers to tokens that are meant to represent a debt to another party. The crux of the recent BlackRock rumor is that the financial giant actually owns such Conbase-issued IOUs instead of physical Bitcoin. Coinbase CEO Breaks Down Important Bitcoin ETF Question
However, multiple experts were quick to clarify that there is not even a modicum of truth to this wild rumor. Nate Geraci, president of The ETF Store, stated that market participants should rest assured that exchange-traded funds fully own the underlying Geraci recalled how the same conspiracy theory emerged with physical gold ETFs back in the day."Anyone perpetuating this stuff doesn’t understand how ETFs work," he added.
BlackRock's Bitcoin ETF was launched earlier this year to much fanfare alongside a slew of competing products. It has attracted more than $20 billion in year-to-date flows, breaking multiple records. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
WOW Summit: Bangkok to Host the Defining Innovation Event of the Year, Shaping the Future of Blockchain, Web3, AI, Mobility, and FinTechBitcoin "Poised" to Break Below $58K, Peter Schiff Predicts
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin (BTC) Price Under Pressure Despite Massive Inflows of BlackRock ETFBlackRock's Bitcoin ETF has attracted massive inflows, but Bitcoin remains under bearish pressure
Read more »
BlackRock’s Bitcoin ETF in Red for the First Time Since MayBlackRock's Bitcoin ETF has recorded its second day with negative flows since its inception
Read more »
BlackRock’s Spot Bitcoin ETF Sees First Day of Outflows in Nearly 4 MonthsCrypto Blog
Read more »
BlackRock Bitcoin ETF Bleeds for First Time in WeeksBlackRock has recorded its second outflow since May
Read more »
BlackRock Bitcoin ETF Hits Another Historic MilestoneBlackRock remains most successful ETF of this year
Read more »
Top Analyst Downplays Panic Over Bitcoin ETF UnderperformanceA top analyst has clapped back at Bitcoin ETF skeptics
Read more »