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Crypto News Bitcoin News Blackrock's Head of Crypto Sees Bitcoin as 'Risk Off' crypto news today Asset Despite Stock Correlation
BlackRock's leader views Bitcoin as a potential opportunity, even though stocks are still considered valuable resources today regardless of their connections.
Daily Crypto News Bitcoin News crypto news today
BlackRock's Head Sees Bitcoin 'Chance Off' Crypto News Stocks Are Resources Today Notwithstanding Relationships.
Despite showing a pattern consistent with U.S. stocks, Blackrock's head of digital assets views bitcoin as a "risk-off" investment. He compared bitcoin to gold, emphasizing that two of its most important differentiators are its decentralized structure and restricted quantity. The robust performance of Blackrock's spot bitcoin exchange-traded fund (ETF) is another indication of the company's growing interest in bitcoin.
Is Bitcoin an Asset That Is Risk-On or Risk-Off? BlackRock Calculates
In an interview with Bloomberg on Tuesday, Robbie Mitchnick, Blackrock's head of digital assets, talked about his thoughts on bitcoin. Although bitcoin has recently aligned with U.S. equities, he maintained that it should still be viewed as a "risk-off" asset. Bitcoin and gold, conventional safe-haven investments that are generally preferred in tumultuous times, were contrasted by him. On the other hand, stocks, commodities,
Despite their short-term fluctuations, Mitchnick clarified that assets such as bitcoin and gold perform similarly over the long run. According to Mitchnick, "gold exhibits many of the same patterns, where you have these transitory periods, but long term [correlation is] close to zero." He emphasized that what sets bitcoin apart is its decentralized structure and scarcity.
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Due in part to the approval of exchange-traded funds (ETFs) earlier this year, ether has grown 15% while bitcoin has increased 49% this year. While investors generally see Bitcoin as a secure store of wealth and digital gold, Mitchnick clarified that the story around ether is still developing. He explained that while the value of ETH is dependent on how widely used Ethereum apps are, it does not yet have the same level of perceived stability as
BlackRock's growing interest in BTC is also reflected in the success of the company's Ishares Bitcoin Trust (IBIT). Launched in January, IBIT quickly became the world's largest Bitcoin ETF. BlackRock CEO Larry Fink changed his stance on Bitcoin, now calling it "digital gold" and a "legitimate financial instrument.
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