Bitcoin ETF

Bitcoin

BlackRock

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On Saturday, an unsubstantiated rumor about Coinbase writing Bitcoin IOUs for BlackRock in order to suppress the price of the leading cryptocurrency started&nbsp;<a href="https://x.com/NateGeraci/status/1835081874563125390">spreading like wildfire</a> on the X social media platform.&nbsp;
One social media post, which has contributed to mushrooming the insane conspiracy, managed to accumulate thousands of likes.&nbsp;
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.&nbsp;
However, multiple experts were quick to clarify that there is not even a modicum of truth to this wild rumor.&nbsp;
Nate Geraci, president of The ETF Store, stated that market participants should rest assured that exchange-traded funds (ETFs) fully own the underlying&nbsp;<a href="https://u.today/bitcoin-warning-issued-by-crypto-analyst-amid-btc-price-surge-to-58000">Bitcoin</a>.&nbsp;
"It’s real. And it’s spectacular. That simple. Period. End of story," he added.&nbsp;
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.&nbsp;
Meanwhile, Joe Carlasare, a Chicago-based commercial litigation attorney, has&nbsp;<a href="https://x.com/JoeCarlasare/status/1835065394127659205">explained</a> that Coinbase, BlackRock, an auditor, two accounting firms, and no fewer than four law firms would all need to conspire in order to pull off such a scheme. The odds of such a scenario appear to be extremely small.&nbsp;
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.&nbsp;

Top Bitcoin ETF Expert Debunks Insane BlackRock Rumor

U_Today

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