BlackRock Publishes Report: Bitcoin, a Unique Diversifier

火星財經 reports that BlackRock has released a report titled "Bitcoin: A Unique Diversifier." The report argues that Bitcoin faces risks and potential return drivers that differ significantly from traditional "risk" assets, making it unsuitable for most traditional financial frameworks - including the "risk-on" and "risk-off" frameworks adopted by some macroeconomic commentators.

Bitcoin's inherent nature as a scarce, non-sovereign, decentralized global asset leads some investors to view it as a safe haven during times of fear and certain geopolitical disruptions. Bitcoin's long-term adoption trajectory is driven by strong concerns over global monetary stability, geopolitical stability, US fiscal sustainability, and US political stability. This is in contrast to the relationship typically attributed to traditional "risk assets" with such forces.

Bitcoin's long-term performance shows low correlation with stocks and bonds, making it attractive for diversification. Although Bitcoin's price movements may occasionally align with traditional risk assets in the short term, these are considered temporary phenomena. The report concludes by reiterating that Bitcoin's unique characteristics may make it a hedge against risks that traditional assets cannot address, particularly in times of heightened geopolitical and economic uncertainty.