Bitcoin Has No Label but Its Closest Rival Is Gold, BlackRock Exec Says

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Bitcoin as a portfolio diversifier and hedge against rising government debt and currency debasement, according to BlackRock Inc. Global Head of Digital Assets Robbie Mitchnick.

How ETFs Build Long-Term Investor Base

Speaking on the Crypto Prime podcast on Sep. 5, Mitchnik noted that investors in the firm's iShares Bitcoin Trust ETF have largely held their positions despite Bitcoin's more than 50% peak-to-trough drop since October 2025.

While IBIT's assets under management plunged from roughly $99 billion to just under $50 billion, the decline was mainly driven by falling prices. ETF investors withdrew only about $1 billion.

Don't Miss:

He said the limited outflows point to a predominantly long-term, buy-and-hold investor base.

IBIT has since returned to positive net flows for 2026, including roughly $2.5 billion of inflows over the past two-and-a-half weeks as Bitcoin rallied about 30%.

Bitcoin Defies 'Risk-On, Risk-Off' Labels

Mitchnick argued that labeling Bitcoin purely as a risk-on or risk-off asset misses an important part of its investment case.

Bitcoin remains a volatile emerging technology, but its long-term return drivers differ significantly from traditional assets.