As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of wild rumors and conspiracy theories. However, the recent unsubstantiated claim about Coinbase issuing Bitcoin IOUs for BlackRock is one that takes the cake.
Over the weekend, a baseless claim that Coinbase was issuing Bitcoin promissory notes (IOUs) for BlackRock to manipulate the price of the primary cryptocurrency went viral on platform X.
One social media post, which has contributed to mushrooming the insane conspiracy, managed to accumulate thousands of likes.
Instead of physical Bitcoins, the gist of the BlackRock speculation suggests that they own tokens representing debts (IOUs) issued by Coinbase, not the actual debt itself but a promise to pay it back.
As an analyst, I’d like to set the record straight: While there have been whispers of such a wild rumor circulating, numerous experts have swiftly dismissed it as entirely unfounded.
According to Nate Geraci, President of The ETF Store, investors can feel confident that exchange-traded funds (ETFs) hold all the actual Bitcoin they represent.
“It’s real. And it’s spectacular. That simple. Period. End of story,” he added.
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.
In simpler terms, Joe Carlasare, a lawyer from Chicago specializing in commercial litigation, stated that for a scheme like the one being discussed, it would require cooperation between Coinbase, BlackRock, auditors, accounting firms, and at least four law firms. Given how unlikely such coordination is, the chances of this scenario unfolding seem incredibly slim.
This year, BlackRock introduced its Bitcoin ETF, generating considerable excitement along with numerous competing offerings. So far, it has garnered over $20 billion in investments within this period, setting new milestones.
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2024-09-15 11:05