BlackRock: Soaring Federal Deficit Boosts Bitcoin's Appeal as a Reserve Asset
BlackRock Sees Growing Interest in Bitcoin as US Debt Hits $35 Trillion
According to Benzinga, global asset management giant BlackRock has noted a rising interest in Bitcoin as a reserve asset amid the US federal debt reaching $35 trillion.
Samara Cohen, BlackRock's ETF Chief Investment Officer, and Robert Mitchnick, Head of Digital Assets, have stated that concerns surrounding the growing US federal deficit and debt are driving institutional interest in Bitcoin. The cryptocurrency is being viewed as a "unique diversification tool" for hedging against financial, monetary, and geopolitical risks.
BlackRock CEO Larry Fink previously described Bitcoin as a hedge against inflation, particularly in the context of rising global tensions and the threat of dollar de-globalization.
