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

Khyathi Dalal

Mon, September 7, 2026 at 6:15 PM GMT+3 4 min read

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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.

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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.

"The closest comp would be gold," Mitchnick said, describing Bitcoin as an emerging global monetary alternative operating outside traditional fiscal and political systems.

For institutional investors, Bitcoin's correlation with other assets is particularly important.

Mitchnick said a Bitcoin rally during geopolitical or broader market stress can strengthen its diversification case more than a rally that simply follows stocks higher.

Mitchnick linked much of Bitcoin's recent 30% rebound to growing concerns about global government debt, deficits and pressure in long-term bond markets.

ETH Is Infrastructure, Not Store Of Value

BlackRock views Ethereum differently from Bitcoin. Rather than digital gold or store-of-value, it sees ETH as infrastructure for stablecoins, DeFi and tokenization.

BlackRock's staked Ethereum ETF has neared $900 million in assets since its February launch, while its unstaked product drew about $1 billion last month.

Mitchnick sees AI as a potential growth driver, as AI agents could use stablecoins and blockchains for payments.

The asset management firm plans to remain selective with crypto ETFs. Mitchnick said new products will depend on a token's liquidity, market size, maturity and client demand.

Image: Shutterstock

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