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Against all odds, BlackRock, the global asset management giant, is shaking up preconceived notions about bitcoin. While cryptocurrencies are often associated with volatility and risk, Robert Mitchnick, head of digital assets at BlackRock, dismantles this narrative. In a context where bitcoin has lost 20% of its value since its peak at the end of 2023, his recent statements on CNBC resonate like a bold plea. Why is a traditional institution defending such a disruptive vision? The answer lies in a subtle strategy and a deep understanding of market evolution.
BlackRock against the bitcoin “speculative asset” narrative
Robert Mitchnick points out a troubling paradox: the crypto industry itself may have fueled the reputation of bitcoin as a risky asset.
By emphasizing its volatility or potential for quick gains, industry players may have inflicted a “self-inflicted wound”.
However, Mitchnick reminds us of bitcoin’s fundamentals: algorithmic scarcity, decentralization, absence of state sovereignty. All of these advantages, according to him, bring it closer to digital gold than to tech stocks.
The approval of Bitcoin ETFs in 2023 marked a silent break. With $100 billion in assets under management, these funds — including BlackRock’s iShares Bitcoin Trust (IBIT) — have institutionalized access to bitcoin.
IBIT, in particular, has shattered records: $10 billion reached in just a few weeks, an unprecedented feat in 32 years of ETF history. These figures do not reflect a mere speculative trend, but structural adoption.
Bitcoin has indeed dropped by 20% in 2025, weighed down by recession fears and Trump’s tariff policies.
But Mitchnick brushes aside these concerns:
Tariffs are not a fundamental risk for bitcoin. A recession, on the contrary, could be a catalyst.
He also highlights a 15% rise since November 2024, evidence that the token withstands turbulence better than other assets. Volatility, often confused with risk, masks a more complex reality.
A long-term strategy
At the beginning of 2025, BlackRock integrated its Bitcoin ETF (IBIT) into its model portfolios, with an allocation of 1% to 2%. A minimalistic decision in appearance, but heavy with meaning.
These portfolios, intended for high-risk investors, now include bitcoin on par with real estate or commodities.
For Mitchnick, this is a key step towards normalization:
Bitcoin is not a niche. It is an asset class in its own right.
Despite concerns about interest rates or American growth, BlackRock bets on bitcoin as a hedge. Mitchnick reminds a crucial fact: a rise in rates would also penalize stocks.
Bitcoin, on the other hand, offers partial decorrelation — a benefit in times of instability. “In the event of a systemic crisis, investors will seek assets outside the traditional banking system,” he argues. A reasoning reminiscent of the rise of gold in the 1970s.
BlackRock does not defend bitcoin as a speculative bet, but as a store of value. The analogy with gold recurs like a leitmotif: scarcity, universality, resistance to censorship.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
