Oddbean new post about login | logout BlackRock's head of crypto doesn’t see Bitcoin as a ‘risk on’ asset. Equities, unemployment, job numbers, or manufacturing really have no connection to Bitcoin, argues BlackRock’s head of digital assets. https://yakihonne.s3.ap-east-1.amazonaws.com/89f93336152fbe149c10445b7e780339e16f9ed7ceeb1596414c65c2779b7582/files/1727247145455-YAKIHONNES3.jpeg **Robbie Mitchnick suggests Bitcoin is closer to a risk-off asset. Source: Bloomberg**
Narrative is changing…in favor of #Bitcoin. Bullish that BlackRock is selling it like that.
Earlier in the interview he argues that, long term, bitcoin's price is independent from that of stocks, but that the short term correlation and factors influencing price can vary. So, the statement that equities or other macro factors have no connection to bitcoin is a bit odd, in that it is unclear over what period he is referring (ie, clearly there have been many periods of correlation).
Mischaracterization of Bitcoin: Mitchnick believes that Bitcoin has been wrongly categorized as a risk-on asset, which has limited its perceived potential in the financial markets. He emphasizes that factors such as unemployment rates, job numbers, and manufacturing outputs do not have a direct correlation with Bitcoin's performance
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