đ„ Bitcoin Rumors About BlackRock Spread, Coinbase Fires Back! đ„
A massive rumor has taken the crypto world by storm, claiming Coinbase isnât holding real Bitcoin for BlackRock but instead issuing IOUs. This speculation sent shockwaves across the market yesterday, igniting concerns of price manipulation.
đŁ The Rumor
According to the buzz, BlackRock, while managing billions through its Bitcoin ETF, is holding IOUs issued by Coinbase instead of actual Bitcoin. IOU, which stands for "I owe you," represents a debt rather than the real asset, sparking fears that Bitcoinâs price is being artificially suppressed.
đš Justin Sunâs Statement
The rumor caught fire after Tron CEO Justin Sun took to social media, criticizing Coinbaseâs newly launched cbBTC token, which is supposedly backed by Bitcoin 1:1. Sun raised red flags, claiming the token lacks proof of reserves, hasnât been audited, and that user balances can be frozen by any U.S. court. He didn't hold back, saying: "This is essentially a 'trust me' token. It's a dark day for Bitcoinâthis is central bank Bitcoin at its worst."
đ Coinbase & ETF Experts Respond
Coinbase CEO Brian Armstrong and ETF experts quickly responded to the swirling rumors, aiming to restore trust and clarify the situation. The response emphasized transparency and that Coinbase holds Bitcoin 1:1 for clients like BlackRock.
đą With emotions running high, the debate around institutional trust in crypto has never been more intense. Stay tuned to see how this unfolds and what it means for Bitcoinâs future!
