Robbie Mitchnick, head of digital assets at BlackRock, shared his view on the potential growth of Bitcoin during a US recession. In an interview with Yahoo Finance, he pointed out key factors driving this trend.
Bitcoin and Recession Impact
Mitchnick noted that during a recession, increased government spending, building deficits, lower interest rates, and monetary stimulus typically boost Bitcoin's growth. He also warned about possible social unrest in such conditions.
BlackRock Clients and Buying Opportunities
Some of BlackRock's clients, focused on long-term Bitcoin accumulation, view the current economic conditions as a buying opportunity. BlackRock aids its clients in better understanding the potential of cryptocurrencies for the future.
Coinbase Perspective and Bitcoin's Current Status
Not everyone shares BlackRock's view. Coinbase researchers point to misplaced optimism about the crypto market's prospects amid recession fears. Currently, Bitcoin is trading at $85,782, having risen 3.14% over the past 24 hours.
According to BlackRock's Mitchnick, Bitcoin could become a robust asset during challenging economic times, although not all experts agree. BlackRock continues to play a significant role in institutional Bitcoin investments, solidifying its position in the global financial system.
