Bitcoin's Potential Shift to Low Beta Asset Discussed at Dubai Conference

According to PANews, Robert Mitchnik, Head of Digital Assets at BlackRock, shared insights at the Token2049 conference in Dubai, suggesting that Bitcoin might evolve into a low beta asset through reflexivity. Despite the lack of fundamental support for this logic, its widespread market acceptance could lead to self-fulfillment. Recent tensions in U.S.-China trade have seen U.S. stocks decline while Bitcoin remains stable, reinforcing this perspective. Over the past ten trading days, Bitcoin spot ETFs have seen net inflows exceeding $3 billion, with BlackRock's IBIT receiving the largest share. Mitchnik noted that Bitcoin is increasingly being held by long-term investors. Jan van Eck, CEO of VanEck, also commented that if the correlation continues to weaken, investors may be more inclined to hold Bitcoin.