On September 19th, BlackRock, the world's largest asset manager, released a 9-page white paper detailing Bitcoin's unique position as a distinct asset class.

The white paper states that Bitcoin is not only a "unique diversification tool" but also difficult to assess using traditional asset analysis methods. BlackRock emphasizes that Bitcoin is "largely uncorrelated to macroeconomic factors that affect most traditional asset classes," making its performance and price prediction challenging. While still considered a "high-risk" asset, Bitcoin has outperformed all other major asset classes in 7 out of the past 10 years.

BlackRock believes that Bitcoin's price volatility partly reflects the evolving outlook for its potential as a global monetary alternative. The white paper also mentions that due to Bitcoin's apparent independence from global macroeconomic factors, some investors view it as a "safe haven" during geopolitical tensions.