Robbie Mitchnick, head of digital assets at BlackRock, believes that Bitcoin should not be viewed as a risk-on asset, arguing that it's an emerging global monetary alternative driven by different factors than equities.
Robbie Mitchnick, head of digital assets at financial titan BlackRock, believes that Bitcoin should not be viewed as a risk-on assetThe BlackRock executive views it as an emerging global monetary alternative that offers such properties as scarcity and decentralization.
He has rejected the popular talking point about Bitcoin being a risk-on asset that is supposed to trade in tandem with equities. He argues that Bitcoin's price action is driven by different factors. Mitchnick noted that Bitcoin's long-term correlation with stocks is actually close to zero despite short-term spikes.
Speaking of the recent approval of options for BlackRock's IBIT, Mitchnick stated that this product would make it possible to trade and hedge risks in a more"flexible" way.However, Coinbase's Brian Armstrong was quick to shut down the rumors, pointing to the fact that all ETF mints and burns are actually settled on-chain.
During his most recent interview, Mitchnick has clarified that"nothing of significance has changed here" when addressing the Coinbase rumors. He downplayed the significance of the recent amendment, claiming that it was merely"operational fine-tuning." Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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