Source: Cointelegraph
Original: “BlackRock Executive: Geopolitical Tensions Drive Central Banks to Gold and Cryptocurrencies like Bitcoin (BTC)”
Jay Jacobs, head of thematic investing and active ETFs at BlackRock, stated that in the context of rising geopolitical uncertainty, global central banks are accelerating their diversification strategies, increasingly turning to assets like gold and Bitcoin (BTC).
In a recent interview with CNBC, Jacobs pointed out that countries are reducing their reliance on dollar reserves and favoring assets like gold and Bitcoin, which is a long-term trend.
"This shift from traditional assets to diversification into assets like gold and cryptocurrencies began about 3 to 4 years ago," Jacobs explained.
He noted that recent geopolitical fragmentation has intensified countries' pursuit of alternative value storage methods.
CNBC host Martin Soong also mentioned that the freezing of $300 billion in central bank assets by Russia due to the Ukraine war has raised widespread concerns, prompting countries like China to rethink their reserve strategies.
In the interview, BlackRock's Jacobs stated that the company has identified geopolitical fragmentation as a decisive force influencing global markets for decades to come:
"We do believe that geopolitical fragmentation is a huge force driving the world forward in the coming decades."
He pointed out that this environment is driving demand for uncorrelated assets, with Bitcoin (BTC) increasingly being viewed as a safe-haven asset alongside gold.
"We are seeing significant inflows into both gold ETFs and Bitcoin. This is because people are looking for assets that perform differently," Jacobs said.
Notably, it is not just Jacobs who emphasizes the declining correlation between Bitcoin and U.S. stocks. Several analysts have also observed that Bitcoin is beginning to decouple from the U.S. stock market.
On April 22, Alex Svanevik, co-founder and CEO of cryptocurrency data analytics platform Nansen, stated that Bitcoin's price is showing its increasing maturity as a global asset, "reducing its correlation with the Nasdaq, becoming more like gold."
He added that compared to altcoins and indices like the S&P 500, Bitcoin demonstrated "surprising resilience" during the trade war, but remains susceptible to concerns about economic recession.
QCP Capital also expressed a similar view in a Telegram message on April 21, stating that Bitcoin seems to be sharing the halo of gold as a hedge against macroeconomic uncertainty.
"As the stock market fell last week and continued its downward trend in April, the narrative of Bitcoin as a safe-haven or inflation hedge tool has gained attention again. If this dynamic continues, it could provide new impetus for institutional allocation to Bitcoin," the firm wrote.
Related: Will Bitcoin (BTC) see a "short squeeze surge" or drop to $87,000? Market predictions show severe divergence.
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