BlackRock, the global asset management giant, challenges the view of Bitcoin as a speculative asset. Robert Mitchnick, BlackRock's head of digital assets, offers a deeper understanding of Bitcoin.
BlackRock Against the 'Bitcoin as a Speculative Asset' Narrative
Robert Mitchnick highlights a troubling paradox: the crypto industry itself may have fueled Bitcoin's reputation as a risky asset. By emphasizing its volatility and potential for quick gains, industry players may have inflicted a “self-inflicted wound.” However, the fundamentals of Bitcoin include algorithmic scarcity, decentralization, and absence of state sovereignty, which, according to Mitchnick, liken it more to digital gold than tech stocks. The approval of Bitcoin ETFs in 2023 marked a silent break, institutionalizing access to Bitcoin.
A Long-term Strategy
At the beginning of 2025, BlackRock integrated its Bitcoin ETF (IBIT) into its model portfolios, with an allocation of 1% to 2%. These portfolios intended for high-risk investors now include Bitcoin alongside real estate or commodities. For Mitchnick, this represents a key step towards normalization of Bitcoin as an asset class.
Bitcoin as a Hedge, Not a Speculative Bet
BlackRock views Bitcoin not as a speculative bet, but as a store of value. The analogy with gold recurs: scarcity, universality, and resistance to censorship.
BlackRock promotes a new perspective on Bitcoin, emphasizing its role as a store of value amidst instability, and guides the crypto industry towards a more mature understanding.
