BlackRock Sees Rising Bitcoin Interest Amid US Debt Concerns

According to Benzinga, global asset management giant BlackRock has stated that market interest in Bitcoin as a reserve asset is increasing due to the US federal debt reaching $35 trillion. Samara Cohen, BlackRock's ETF Chief Investment Officer, and Robert Mitchnick, head of digital assets, pointed out that concerns about the US federal deficit and the spread of debt issues are driving institutional interest in Bitcoin. Bitcoin is viewed as a "unique diversification tool" for hedging against fiscal, monetary, and geopolitical risks.

BlackRock CEO Larry Fink has previously described Bitcoin as a hedge against inflation, particularly amidst rising global tensions and threats of dollar de-globalization.