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Head of digital assets BlackRock Robbie Mitchnick claims that Bitcoin has been incorrectly labelled as a “risk-on” asset. Mitchnick underlined in a Sept. 24 Bloomberg interview that the crypto sector has misinterpreted Bitcoin’s place in the world economy.
“Some in the crypto market have mistook Bitcoin as a risk-on asset, presuming it should behave like equities,” Mitchnick said. He clarified that the long-term drivers of Bitcoin are essentially different from those of stocks and occasionally might go in the opposite direction.
Pointing to BlackRock’s most recent Bitcoin white paper, which names the coin as a “unique diversifier” and a hedge against geopolitical and financial risks, Mitchnick He said that Bitcoin better resembles risk-off assets like gold and government bonds since it is a distributed, non-sovereign asset with no country-specific or conventional counterparty hazards.
BlackRock’s Bitcoin ETF and Minor Adjustments
Mitchnick discounted recent worries about BlackRock’s iShares Bitcoin Trust (IBIT) ETF, which today calls for 12-hour withdrawals from Coinbase, its custodian. “It’s just an operational fine-tuning,” he said, noting BlackRock’s regular changes to maximize its Bitcoin ETF product.
PlanB Predicts Bitcoin’s Potential Surge to $1 Million by 2025
PlanB, a well-known crypto analyst and developer of the Bitcoin stock-to— flow (S2F) model, has projected a bright future for Bitcoin. PlanB suggested in a Sept. 24 post on X a situation whereby former President Trump finishes the “war on crypto, wins the 2024 election, and drives Bitcoin to a new all-time high of $100,000. His idea holds that because of strategic reserves and general fear of missing out (FOMO), Bitcoin might surge to $1 million by the end of 2025.
Many readers, including crypto trader Mr. Moontastic, joked about the optimism despite the audacious projection, with one remark, “If all of this will be true, I will run naked in the streets.”
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