BlackRock Executive Claims Bitcoin Should Be Seen as a Safe Haven
Robbie Mitchnick, BlackRock's head of digital assets, argues that Bitcoin should be classified as a risk-off asset, countering the prevailing view that it behaves like a risk-on asset correlated with stocks.
He believes Bitcoin serves as a global monetary alternative, emphasizing its unique qualities of scarcity and decentralization.
Mitchnick claims that the cryptocurrency’s long-term correlation with equities is nearly negligible, despite some short-term volatility.
He also highlighted the recent approval of options for BlackRock’s IBIT, stating it would enable more flexible trading and risk management strategies.
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Additionally, he addressed speculation regarding Coinbase allegedly buying “paper Bitcoin” for BlackRock, which was swiftly denied by Coinbase’s CEO, Brian Armstrong.
Mitchnick clarified that a new BlackRock amendment, requiring on-chain withdrawals within 12 hours, reflects operational adjustments rather than any significant change in policy.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
