Bitcoin is more like digital gold than a so-called "risk-on" asset, according to Robert Mitchnick, BlackRock's digital assets lead.
For years, bitcoin's ability to behave in different ways at different times has stumped investors .
"Historically bitcoin's long-term average correlation [to stocks] has been close to zero – slightly positive, but close to zero," he said.
While the recent rally was spurred by the launch of U.S. bitcoin ETFs, some on Wall Street have suggested that it may have recently fused into the more macroeconomic-fueled gold rally .
Risk and portfolio construction That, understandably, adds confusion for newcomers to bitcoin investing, who are drawn to its digital gold-like qualities.
Persons:
Robert Mitchnick, BlackRock's, bitcoin, It's, Bitcoin, bitcoin rocketed, Mitchnick
Organizations:
New York City, Fed, BlackRock
Locations:
New York