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Bitcoin drops nearly 50% from October record, BlackRock says thesis endures
BlackRock points to maturing market structure, including derivatives and exchange-traded products, as volatility has trended lower over the past decade.
Bitcoin is down nearly 50% since its October record, but BlackRock says the asset’s broader role as a global monetary alternative has not changed, according to a report cited by Bitcoin Magazine.
In the report published Monday, Robert Mitchnick, BlackRock’s global head of digital assets, argued that growing U.S. and global government debt and deficits have continued without undermining the case for bitcoin.
BlackRock also said bitcoin’s long history has involved price volatility, but that volatility has generally trended lower over the past decade as market structure matured. The firm attributed that shift to the growth of derivatives markets and the expansion of, and exchange-traded products tied to, bitcoin.
Bitcoin Magazine added that the SEC approved BlackRock’s iShares Bitcoin Trust in January 2024, and that among bitcoin ETFs, BlackRock’s product has drawn the most investment and trading volume. The article said bitcoin recently traded around $64,713, up nearly 2% over the past day but flat over 30 days, with a year-to-date decline of 27% and nearly half of its value shed since last year’s all-time high of $126,080.
Latest closeBitcoin $64,683.90 ▲0.3%