In an interview with CNBC's Squawk Box, Robert Mitchnick, head of digital assets at BlackRock, pointed out that the crypto industry has always promoted bitcoin as a risk asset, but in reality, bitcoin is a "global, scarce, non-sovereign, decentralized" token.
"What we've seen in the market lately seems to be a self-fulfilling phenomenon, really a self-inflicted injury from certain studies and commentary within the industry that at times tend to paint bitcoin as a risk asset," Mitchnick said. He dismissed suggestions that a severe recession in the US could affect bitcoin's price as "baseless". "Tariffs are not necessarily bad news for bitcoin," Mitchnick said. "As for economic concerns, I'm not sure we're headed for a recession, but a recession could be a significant catalyst for bitcoin instead."
Mitchnick also mentioned that despite concerns about the impact of macroeconomic uncertainty on cryptocurrencies, the price of bitcoin has still risen by about 15% since the beginning of November. "Obviously, 2024 is a pretty extraordinary, historic year," he said. "Fundamentally, we think that's the long-term trend. That's why people see bitcoin as digital gold."
BlackRock's head of digital assets has criticized claims that bitcoin is a risky asset
2025-03-20 01:14:26
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