BlackRock Recognizes Bitcoin's Rise as a Haven Asset
CryptoNewsTerminal Staff19 Sep, 2024
BlackRock Recognizes Bitcoin's Rise as a Haven Asset
Investors increasingly view Bitcoin as a safe haven asset, according to a recent report by BlackRock. The report highlights the growing diversification across markets and the perception of Bitcoin as a scarce, globally accessible asset. BlackRock's head of digital assets, Robert Mitchnick, noted Bitcoin's unique behavior during geopolitical events. Unlike traditional safe havens like gold and S&P 500, Bitcoin has demonstrated a tendency to outperform in idiosyncratic situations. This was evident during the COVID-19 crisis and the U.S. banking stress in 2023. The report suggests that investors are seeking refuge in Bitcoin due to its decentralized nature and its ability to retain value amidst global turmoil.
