Cryptocurrencies
BlackRock’s Mitchnick Sees Bitcoin as ‘Risk-Off’ Asset
- Digital assets have lately been moving in tandem to equities
- ‘Gold shows a lot of the same patterns,’ Mitchnick said
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Even though Bitcoin has been highly correlated as of late with the price moves of US equities, BlackRock Inc.’s head of digital assets says its a likely misnomer to call the cryptocurrency a “risk-on” asset.
Stocks, commodities and high yield bonds are generally considered risk-on assets since they usually perform well during periods of market optimism and economic expansions. Assets such as gold are often popular with investors during times of uncertainty.