I’m going to add this argument to the OP as an argument that I strongly believe strengthens the case for Ryokugyu having a black blade
and forging it himself.
Post Chapter 1091 Update
After the events of Beehive, as well as the current events of Egghead, it’s looking more and more likely that Oda intends to make all Admirals absolute world-class Haki users. This heavily reinforces the idea that not only does Ryokugyu have a black blade, but he did in fact forge it himself as the other Admirals also seemed to attain world-class Haki levels by their own strength and not by stealing them.
Kuzan
Kuzan explicitly attained prime Garp level punching power:
Kuzan also matched old Garp in a punching contest:
I feel like this fact by itself almost singlehandedly debunks every single argument for Ryokugyu not being able to achieve a black blade, as Kuzan attained prime Garp level fists with all of the same restrictions/caveats that Ryokugyu has. Kuzan is primarily a Devil Fruit based fighter and yet still attained the punching strength of the strongest puncher in the history of the series. Similarly, Ryokugyu is primarily a Devil Fruit based fighter (from what we’ve seen) but he could have easily forged a black blade for the exact same reasons that Kuzan became tied for the best puncher in the series.
Kizaru
This might be a bit premature as Kizaru’s Egghead showing isn’t concluded yet, so he could show even more than this, but let’s do this anyway.
Kizaru trained Sentomaru:
Who has explicitly claimed to have the “strongest defense in the world” multiple times. And Sentomaru is not some ignorant island hermit who has no idea how strong the rest of the world is, Sentomaru was Vegapunk’s own personal bodyguard as well as a member of the Navy, even if his defense isn’t the literal world’s strongest, he is credible enough for us to assume his defense is world class.
Not only did Kizaru train him, Kizaru also shows a similar level of defensive prowess:
Now take this quote as you will but it seems to me like Kizaru is directly comparing his own defense to Sentomaru’s here, stating that he can’t let his defense be beaten.
Kizaru also, with one arm, blocks what appears to be an AdCoC blow from Luffy:
As the lightning patterns and “touching” appear identical to other AdCoC moments like this one:
It’s also not even clear if Kizaru is using Haki to block this blow, which hypes his defense even further (though, he is probably using Haki, I think).
So again, same argument. Kizaru is primarily a fruit based fighter but was still able to attain a “world’s strongest defense” level of Haki. Again, we can directly state that Ryokugyu could have forged a black blade for the exact same reasons.
Now, we don’t have explicit confirmation for the Haki of Akainu and Fujitora here, and while I could post a giant explanation for why these two likely have world class Haki levels as well, I want to keep the supporting evidence sections of this thread as factual as I can. I will edit this post and the OP in the future once Akainu and Fujitora get more Haki hype.
So all and all, it is really looking more and more likely that Oda is coming through on Admiral level Haki after all, and this is all just adding fuel to the fire of Ryokugyu’s black blade.
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