China Dumps US Debt for Bitcoin? BlackRock’s Bombshell Claim Gets Fact-Checked

Rumors swirl as BlackRock suggests China’s Treasury sell-off fuels Bitcoin buys—but where’s the proof?

Subheader: The Treasury-BTC Swap Theory

Whispers of Beijing trading dollar reserves for crypto hit fever pitch after BlackRock’s cryptic comments. Analysts demand receipts.

Subheader: Follow the Money (Or Lack Thereof)

No public blockchain data supports the claim—just the usual mix of institutional FOMO and geopolitical speculation. Another ’trust us bro’ moment for finance.

Closer: Whether true or not, the narrative itself proves Bitcoin’s growing role as the anti-fiat hedge—even central banks might be playing the game now.

Let us fact-check the claims made in certain tweets posted on X since Sunday, regarding BlackRock’s Jay Jacobs making certain claims.

Did BlackRock’s Jay Jacobs really say China is selling treasury holdings to stack up Bitcoins?

On April 25, CNBC uploaded a 3-minute 48-second video interview of Jay Jacobs of BlackRock, as part of their popular show ‘Squawk Box Asia,’ hosted by Martin Soong and Chery Kang. The interview shows Jacobs explaining how geopolitical risk associated with Trump’s tariff wars will continue to be a mega force that drives greater dispersion between stocks and crypto.

At 2 minutes 55 seconds into the interview, host Martin Soong can be heard asking, “After Russia’s invasion of Ukraine, $300 billion worth of assets of Russia were frozen in a bank in Belgium. It became a trigger point for countries like China to stop recycling their surplus into treasuries and more into gold and crypto, do you think”?

To this question, Jacob responds, “If you look at it, central banks have been continuously moving towards diversification beyond US dollars to gold and crypto, and it’s been happening for decades. Back in 2023, we at BlackRock released our new framework for investing, ‘Megaforces’ where we identified geopolitical fragmentation as a major driving point for policy. Therefore, the rise of Bitcoin is a result of geopolitical fragmentation.”

Therefore, to make claims that BlackRock’s Jay Jacobs has claimed that China is selling trasury holdings to buy Bitcoin is not correct and is misleading.

Also Read: Has The Economist claimed China will unban Crypto? Fact Check