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In a recent X post, BlackRock, the prominent New York-based asset management firm, warned about a troubling surge in crypto scams. These scams specifically target investors in BlackRock’s iShares spot Bitcoin and Ether exchange-traded funds (ETFs).
Blackrock advised investors to stay cautious against bad actors who have adopted sophisticated means to deceive people via fake websites and social media impersonation.
BlackRock Initiates Crypo Scam Alert
BlackRock told its investors to exercise extreme caution when engaging with individuals or businesses claiming to represent BlackRock on social media.
The firm emphasized that these fraudsters often use platforms like WhatsApp and Telegram to entice victims by offering investment opportunities or training programs.
There has been a spike in investment-related scams, including directing users toward crypto investment-related websites and/or social media platforms such as WhatsApp or Telegram. We urge caution in dealing with individuals, websites or social media platforms using our brand and…
— BlackRock (@BlackRock) July 28, 2024
In its warning, BlackRock stated that crypto investment-related scams are rising. These scammers redirect users to websites designed for investments, in addition to social media platforms.
Moreover, the impersonators exploit the growing interest in crypto by masquerading as legitimate BlackRock representatives. The main motive is to deceive and defraud unsuspecting investors.
The company clarified that it never contacts users through social media to demand payments or offer investment services. This warning comes as BlackRock’s iShares Bitcoin Trust (IBIT) has been a significant success since its launch on January 11. Since then, IBIT has attracted an impressive $19.7 billion in Bitcoin investments.
This achievement places IBIT as the frontrunner of U.S.-approved spot BTC ETFs, surpassing all nine other providers in total inflows and assets under management.
Expert Insights and Predictions
At the Bitcoin 2024 conference in Nashville on July 25, BlackRock’s head of crypto assets, Robert Mitchnick, shared valuable insights into the firm’s client preferences.
He revealed that the majority of BlackRock’s clients exhibit a strong preference for Bitcoin, with some interest in Ether. Beyond these two leading cryptocurrencies, there is minimal interest in other digital assets.
Mitchnick also predicted that investors might allocate around 20% of their crypto holdings to Ether, with the remaining majority invested in Bitcoin.
Meanwhile, BlackRock CEO Larry Fink has recently undergone a notable shift in his stance on Bitcoin. In a conversation with CNBC’s Jim Cramer, Fink described Bitcoin as “digital gold” and acknowledged it as a legitimate financial instrument.
He emphasized Bitcoin’s potential for providing uncorrelated returns, underscoring its growing acceptance and legitimacy in the financial sector.
Meanwhile, following the just-concluded Bitcoin Conference, discussions about Bitcoin’s stance as a potential reserve asset in the U.S. have increased. Amid these discussions, David Schwartz, Ripple’s CTO, pointed out some lesser-known benefits of Bitcoin.
The conversation surfaced from a query on whether the Federal Reserve should keep Bitcoin as a reserve asset. This idea gained traction after Senator Cynthia Lummis proposed a bill to establish a strategic Bitcoin reserve in the U.S.
Notably, Schwartz addressed BTC’s adaptability in processing transactions, highlighting its dual approach. He pointed out that users can complete transactions directly on the blockchain or choose alternative methods that align with their requirements.
The blockchain, a secure and decentralized ledger, ensures a minimum standard of reliability and transparency.
Conversely, Schwartz also mentioned that centralized services can sometimes manage transactions more efficiently than the blockchain, offering a practical trade-off between cost-effectiveness and security.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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