BlackRock thinks Bitcoin’s price is about to go up big time. They believe the current price doesn’t reflect how many big institutions are buying Bitcoin.
Institutional Adoption is Key
Robbie Mitchnick, BlackRock’s head of digital assets, says Bitcoin is still 15% above its November low, despite recent dips. He told Yahoo Finance that the market hasn’t caught up to the reality of all the institutional buying happening behind the scenes. He expects a major price jump once the market recognizes this.
Trump’s Bitcoin Reserve: A Slow Burn
Remember when President Trump created a US Bitcoin reserve? Lots of people thought the price would skyrocket immediately. It didn’t. Mitchnick explains this by saying people expected results too quickly. He thinks the market needs more time to react to this news.
BlackRock’s Big Push for Bitcoin
BlackRock is actively pushing more institutions and wealth managers to invest in Bitcoin, and it’s working! Big names like Barclays, JPMorgan, and Avenir Group are already holding significant amounts of BlackRock’s iShares BTC Trust (IBIT).
Bitcoin and Recessions: An Unexpected Friend?
Mitchnick thinks Bitcoin’s recent volatility is more about perception than reality. He calls its association with risky assets “self-inflicted,” arguing that Bitcoin’s actual characteristics should make it behave more like gold – a safe haven asset. Interestingly, he even suggests a recession could actually help Bitcoin in the long run due to factors like increased government spending and stimulus programs./p>
