Bitcoin Price Poised for Massive Upside – Blackrock’s Crypto Chief Declares BTC a ‘Risk-Off’ Asset
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Robbie Mitchnick, BlackRock’s head of digital assets, recently highlighted Bitcoin’s potential as a “risk-off” asset, even though its performance has often mirrored that of U.S. stocks. Speaking in a Bloomberg interview, Mitchnick compared Bitcoin to gold, noting its decentralized nature and limited supply as key distinctions from traditional assets.
He emphasized that, despite short-term fluctuations, both Bitcoin and gold share similar long-term behaviours.
As crypto ETF custody comes into focus, BlackRock Head of Digital Assets Robbie Mitchnick says "nothing of significance has changed" https://t.co/iEWuW22snc pic.twitter.com/YBLG2zfrgc
While Bitcoin has gained 49% this year, driven partly by the introduction of ETFs like BlackRock’s Ishares Bitcoin Trust (IBIT), the perception of Bitcoin as a store of value continues to evolve. Mitchnick contrasted Bitcoin’s status with that of Ethereum, whose value remains tied to the broader adoption of its network.
With BlackRock’s growing involvement in the crypto space, CEO Larry Fink has also recognized Bitcoin as “digital gold,” marking a significant shift in institutional sentiment.
Even though trading in cryptocurrencies is prohibited, China’s over-the-counter (OTC) brokers brought in an astounding $75 billion in business in the first nine months of 2024.
According to a Chainalysis analysis, as China’s economy falters—particularly in the country’s shaky stock and real estate markets—investors are looking to cryptocurrency. These over-the-counter brokers provide a covert means of
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