Blackrock’s Head of Crypto Views Bitcoin as ‘Risk Off’ Asset Despite Stock Correlation
Blackrock’s Head of Crypto believes that Bitcoin is a “risk off” asset, even though it has shown some correlation with the stock market. This means that investors tend to view Bitcoin as a safe haven in times of economic uncertainty, similar to gold.
Despite some correlation with stocks, Bitcoin is seen as a separate asset class that can provide diversification to investment portfolios. This is because Bitcoin’s value is not directly tied to the performance of traditional financial markets.
In times of market volatility, Bitcoin has shown resilience and has often been seen as a store of value. This has led some investors to turn to Bitcoin as a hedge against inflation and economic instability.
Overall, Blackrock’s Head of Crypto sees Bitcoin as a valuable asset that can offer protection and diversification in a well-rounded investment portfolio.