Robbie Mitchnick, Blackrock’s head of digital assets, discussed his perspective on bitcoin during a Bloomberg interview on Tuesday. He argued that bitcoin should be seen as a “risk-off” asset despite its recent alignment with U.S. equities. He compared bitcoin with traditional safe-haven assets like gold, typically favored during uncertain times. In contrast, stocks, commodities, and high-yield bonds are usually considered “risk-on” investments.

Mitchnick explained that assets like gold and bitcoin behave similarly over time, despite short-term movements. “Gold shows a lot of the same patterns,” Mitchnick said, adding: “Where you have these temporary periods, but long term [correlation is] close to zero.” Emphasizing that bitcoin’s decentralized nature and scarcity make it distinct, he stated:

You would base it as risk-off.

Bitcoin has risen 49% this year while ether has increased 15%, partly due to the approval of exchange-traded funds (ETFs) earlier this year. Mitchnick explained that while investors tend to view BTC as a safe store of value and digital gold, ether’s narrative is still evolving. He detailed that ETH’s value is tied to the broader adoption of applications running on Ethereum but it does not yet have the same perceived stability as bitcoin among institutional investors.

Blackrock’s growing interest in BTC is also evident in the success of its Ishares Bitcoin Trust (IBIT). Launched in January, IBIT quickly became the world’s largest bitcoin ETF. Blackrock CEO Larry Fink has shifted his stance on bitcoin — now referring to it as “digital gold” and a “legitimate financial instrument.”

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