Bitcoin Is Down but Asset’s Role as Global Monetary Alternative Remains, Says Blackrock
Bitcoin Magazine Bitcoin Is Down but Asset’s Role as Global Monetary Alternative Remains, Says Blackrock The price of Bitcoin has taken a hit this year, but its investment thesis hasn't changed, BlackRock has said. This post Bitcoin Is Down but Asset’s Role as Global Monetary Alternative Remains,
Source: Bitcoin Magazine
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DW NOTE
BlackRock is correct that fiscal deficits haven't slowed — the U.S. ran a $1.4 trillion deficit through June alone. But Bitcoin is down 50% from its October high while the Strait of Hormuz remains closed, oil spiked above $100 in July, and gold hit $5,318 in January. If Bitcoin were actually serving as a monetary hedge during supply shocks and deficit expansion, it would have moved with gold, not against it.