BlackRock’s Head of Crypto: Bitcoin Is Not a Risk-on Asset

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BlackRock’s head of digital assets, Robbie Mitchnick, believes that Bitcoin has been unfairly categorized as a “risk-on” asset.

In an interview with Bloomberg on September 24, he stated that this misconception has caused by certain publications and daily commentaries that have associated Bitcoin’s inherent risk with it being a risk asset that should behave similarly to equities in the market.

However, Mitchnick argues that the underlying drivers of Bitcoin are fundamentally different from those of equities and other high-risk assets, and may even work inversely at times.

In BlackRock’s recently released white paper on Bitcoin, the asset manager has identified it as a valuable diversifier with the potential to serve as a hedge against monetary and geopolitical risks.