Bitcoin's Classification As A 'Risk' Asset May Be Misunderstood, Says BlackRock Executive

According to PANews, despite Bitcoin's recent high correlation with U.S. stock market movements, BlackRock's Head of Digital Assets, Robbie Mitchnick, suggests that labeling cryptocurrency as a 'risk' asset might be a misconception. In an interview with Bloomberg Television on Tuesday, Mitchnick stated, 'Gold exhibits many of the same patterns. While there are these temporary periods, the long-term correlation is close to zero.' He emphasized that Bitcoin is not controlled by any single country or government and is both scarce and decentralized. Mitchnick explained, 'When we think about Bitcoin, we primarily see it as an emerging global currency alternative—scarce, global, decentralized, and non-sovereign. It is an asset without country risk and without counterparty risk.' BlackRock operates exchange-traded funds that invest in Bitcoin and Ethereum. However, Mitchnick noted that many institutional clients have a less clear view of Ethereum.