Crypto
Bitcoin Demand Driven by Fiscal Fears, Not Regulation
BlackRock's head of digital assets Robert Mitchnick believes Bitcoin's investment case has strengthened due to growing concerns over U.S. government debt and fiscal deficits.
According to Mitchnick, these risks benefit both Bitcoin and gold as investors seek alternative stores of value.
The comments came after the total U.S. national debt crossed $40 trillion, a major concern for markets, according to Mitchnick.
BlackRock holds 771,641 BTC worth nearly $61 billion through its spot Bitcoin exchange-traded fund (ETF), IBIT.