BlackRock: Bitcoin 'Safe Haven/Store of Value' Narrative Resurfaces in Market Spotlight

BlockBeats News, August 28th. Bitcoin recently returned to the $80,000 level. Robbie Mitchnick, Head of Digital Assets at BlackRock, believes that the market is once again focusing on Bitcoin's safe-haven and anti-currency depreciation properties. Compared to previous fluctuations more closely tied to the Nasdaq and tech stocks, this round of gains resembles more of a macro-level repricing following increased concerns about debt, deficits, and U.S. dollar credit.

This assessment is in line with recent market trends. Bitcoin quickly rebounded from the $60,000 range, briefly breaking through $81,000. At the same time, gold has also remained strong, with discussions in the market centering around U.S. long-term bond yields and American fiscal sustainability. BlackRock believes that as debt, deficits, and currency devaluation reenter investors' field of vision, scarce assets like Bitcoin and gold will find it easier to attract allocation demand.

There are also signs of improvement in liquidity. Bitcoin spot ETFs recorded a net inflow of around $2.4 billion in August, making it one of the strongest months so far this year. Meanwhile, the correlation between Bitcoin and the Nasdaq has significantly decreased, with some traders noting that its recent performance is more akin to gold. This indicates that the market is shifting away from "risk asset trading" and back towards "macro hedge trading."