Bitcoin To Align With Wall Street? BlackRock Predicts A Price Shift Ahead
A BlackRock executive anticipates that the price of Bitcoin will increase in accordance with its growing institutional adoption.
Robbie Mitchnick, BlackRock chief of digital assets, stated that Bitcoin remains 15% above its early November levels, despite recent price declines. He raised this point during an interview with Yahoo Finance on Wednesday.
He believes that the cryptocurrencys current value does not accurately reflect the number of significant institutions that are currently purchasing it.
The market has not yet caught up to reality, he stated in an interview with Yahoo Finance. Mitchnick anticipates that the flagship cryptos value will experience substantial growth once prices are in accordance with this institutional interest.
JUST IN: BlackRocks Head of Digital Assets says #Bitcoins Institutional adoption still isnt reflected in the price.
The new marketing team is here pic.twitter.com/EZHP1uFYX5
Bitcoin Magazine (@BitcoinMagazine) March 19, 2025
Trumps Bitcoin Reserve Order Hasnt Sparked Expected Price Surge
United States President Donald Trump recently issued an executive order that established a US Strategic Bitcoin Reserve. Numerous market observers anticipated that this would result in an instantaneous surge in crypto prices.
In contrast, the cryptocurrencys value has declined since the announcement. Mitchnick elucidated this discrepancy by asserting that individuals anticipated early substantial outcomes from these market developments.
Premature expectations regarding the speed at which these favorable factors would influence prices were present, he stated. The BlackRock executive proposed that the market requires additional time to completely respond to these developments.
BlackRock Continues Push For Institutional Bitcoin Investment
Even as Bitcoin prices fluctuate, BlackRock has been exerting significant effort to encourage additional financial institutions and wealth managers to invest in its product. Mitchnick asserts that these endeavors are yielding results.
Major financial institutions, such as Barclays, JPMorgan, and Avenir Group, now possess substantial quantities of BlackRocks iShares BTC Trust (IBIT), which monitors Bitcoins price, according to recent filings.
Recession Could Help Bitcoin In The Long RunDuring the recent market uncertainty, Mitchnick attributed the lack of stability in Bitcoin to perception rather than actuality when asked why it has not been as stable as gold.
He characterized Bitcoins recent association with risky assets as self-inflicted, a consequence of market observers persistent designation of it as a risk-on asset. His analysis indicates that Bitcoins fundamental characteristics should cause it to move in opposition to market risks, akin to gold.
Meanwhile, Mitchnick disclosed that Bitcoin may actually benefit from a recession. He enumerated a number of economic downturns that are well-suited to Bitcoins characteristics, including increased government expenditure, reduced interest rates, stimulus money, and concerns regarding social stability.
Featured image from Gemini Imagen, chart from TradingView
Text source: NewsBTC
