TechFlow reported on September 25, according to Cointelegraph, Robbie Mitchnick, Head of Digital Assets at BlackRock, stated that categorizing Bitcoin as a "risk-on" asset is a misconception. The long-term drivers of Bitcoin are fundamentally different from those of traditional risk assets such as equities—and may even be opposite.
BlackRock's latest Bitcoin white paper positions Bitcoin as a "unique diversification tool," highlighting its potential to hedge against monetary and geopolitical risks. Mitchnick noted that only two or three events per year meaningfully impact Bitcoin’s fundamental value, a pattern significantly distinct from the volatility characteristics of traditional risk assets. He argued that viewing Bitcoin as a "risk-on" asset could mislead investors, as its intrinsic properties make it more akin to a safe-haven asset.
