Robbie Mitchnick, head of digital assets at Blackrock, the world’s largest asset manager, emphasized during the Token2049 crypto conference that institutional views on bitcoin could dramatically shift if the cryptocurrency proves it can behave independently of risk-on equities. In a series of remarks shared with DL News following his appearance at the event, Mitchnick underscored a pivotal factor that could drive bitcoin’s adoption in traditional finance: its correlation to tech stocks. He stated:

The correlation between bitcoin and tech stocks is going to be an absolutely critical driver. If bitcoin trades more like a tech stock, it is not very interesting to institutions.

The Blackrock head of digital assets further explained that BTC’s potential role in portfolio construction hinges on its performance during market downturns. If the asset can exhibit lower or even inverse correlation to what he referred to as “left tail” events—severe and rare negative market occurrences—it could gain substantial appeal as a hedging tool.

He stressed that if BTC trades with low or even negative correlation to left tail events, “then it becomes potentially a very important portfolio asset to all manner of institutional portfolios.”

In his concluding observation, Mitchnick suggested that bitcoin could transition from a speculative bet to a strategic necessity in the eyes of large investors, stating:

The conversation goes from, ‘Is this too risky for us?’ to ‘Might it be risky not to own any?’

These comments arrive as BTC continues to show signs of decoupling from equities, with some proponents arguing that the asset is maturing into a more stable, low-volatility store of value. While critics warn of lingering volatility and regulatory unpredictability, digital asset advocates see BTC’s shifting market dynamics as evidence of its long-term institutional relevance.

Blackrock has made a formidable entry into the crypto market, driven by a marked shift in the stance of its CEO, Larry Fink. Under his leadership, the company launched the Ishares Bitcoin Trust (IBIT) in January 2024, which has since become the fastest-growing ETF in history. Fink, who was once critical of cryptocurrencies, now champions BTC as “digital gold” and sees it as a vital asset for portfolios seeking protection against currency debasement and global political risk. His bullish projection in early 2025—that bitcoin could reach $700,000 if sovereign wealth funds allocate even 2%–5% to it—underscores a dramatic pivot in Wall Street’s approach to crypto.

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