This past week, the U.S. Securities and Exchange Commission (SEC) delayed seven spot bitcoin exchange-traded funds (ETFs), including Blackrock’s proposed Ishares Bitcoin Trust. Alongside this news, Into The Block metrics indicate that from August 13 to the 31st, large BTC holders dubbed ‘whales’ increased their caches by $1.5 billion. Amidst the price consolidation and accumulation, a great number of crypto influencers on social media insist that Blackrock is secretly buying up all the bitcoin.
Blackrock and Bitcoin: Separating Social Media Chatter from Reality
On August 28, 2023, the number of BTC on exchanges teetered close to dropping below the 2 million mark, hinting at the ongoing trend of bitcoin withdrawals from these platforms. Data from Into the Block reveals that in the latter half of August, whales amassed a staggering $1.5 billion in BTC.
This accumulation coincides with bitcoin’s price dip and the SEC’s decision to push back several spot bitcoin ETF applications until October. Yet, ETF experts remain optimistic about an impending approval, with many hinting that Blackrock’s application is almost certain to get the green light.
— BITCOINLFG® (@bitcoinlfgo) August 29, 2023
In recent years, Blackrock has become a hot topic among financial enthusiasts, given its stature as the world’s largest asset manager. The buzz is equally palpable around Blackrock’s spot bitcoin ETF. Numerous social media voices and crypto aficionados speculate that Blackrock is either hoarding vast amounts of BTC or intends to soon.
Platforms like X and forums such as Reddit are rife with such speculations. For instance, on Aug. 27, 2023, a user named “Whale” proclaimed on X: “Blackrock is buying your bitcoin.” This particular post by Whale garnered 2,768 likes and was shared 346 times.
Last week: BlackRock are buying
This week: McDonald’s are hiring #Bitcoin
— Crypto Michael (@MichaelXBT) September 1, 2023
Another user, “Crypto Rover”, asserted: “Blackrock is secretly buying bitcoin and nobody knows it… Blackrock is a major shareholder in 4 of the 5 Bitcoin mining companies.” Accompanying this claim was a screenshot showcasing Blackrock’s investments in these mining entities. This post resonated with 2,774 users and was shared 726 times.
In a lighter vein, Crypto Rover quipped in another post:
Blackrock CEO: ‘Bitcoin will revolutionize finance’ — And you still think they are not buying!
Elsewhere, a video spanning over 13 minutes delved into why Blackrock might intensify its focus on bitcoin (BTC). The video’s creator emphasized Blackrock’s impeccable track record with ETF approvals and posited that the firm, along with its CEO, recognizes BTC’s inherent scarcity. Drawing a parallel, the video likened this to Blackrock’s foray into single-family homes, but with BTC promising even loftier returns.
Such narratives and conjectures have gained momentum in recent weeks. However, concrete evidence of Blackrock’s massive BTC acquisitions remains non-existent. Countless social media posts still echo this sentiment, with influencers urging the community to safeguard their BTC from potential Blackrock buyouts.
“Blackrock is buying bitcoin,” declared Mr. Crypto on August 25. “Yet the average person has already forgotten bitcoin existed. The ultimate signal to buy,” he opined. But until tangible proof emerges of Blackrock’s BTC investments for its spot bitcoin ETF, these ‘tall tales’ remain just that – comical, yet unsubstantiated stories.
What do you think about the theories and stories littered all over the social media platform X and forums like Reddit? Do you think there’s any truth to these tales? Share your thoughts and opinions about this subject in the comments section below.