Bitcoin

BlackRock

Bitcoin experienced a nearly 6% surge after BlackRock, the world’s largest asset manager, released a white paper discussing the cryptocurrency’s potential as a safeguard against monetary and geopolitical risks.
BlackRock’s report described Bitcoin as a “unique diversifier” separate from traditional economic and geopolitical threats.
The uptick in Bitcoin’s price began shortly before Eric Balchunas, a senior Bloomberg ETF analyst, disseminated the nine-page document via a Sept. 18 X post.
Balchunas posted BlackRock’s findings at 4:21 pm UTC, which followed Bitcoin’s rally from its daily low of $59,354.
Following the release, Bitcoin’s value increased by over 5.7%, momentarily reaching $62,600 for the first time in three weeks, according to Cointelegraph data.
This boost coincides with some analysts’ forecasts of a three-month Bitcoin rally that could potentially reach $92,000 starting in October, reflecting historical chart patterns and typical fourth-quarter gains.
In the white paper, BlackRock recognized Bitcoin as not merely a cryptocurrency but the inaugural “truly open-access monetary system” due to its decentralized, permissionless nature.
The firm highlighted Bitcoin’s lack of “traditional counterparty risk,” meaning it doesn’t rely on centralized systems. The white paper elaborated on this characteristic, stating:
“These properties make it an asset that is largely detached (on fundamentals) from certain critical macro risk factors, including banking system crises, sovereign debt crises, currency debasement, geopolitical disruption, and other country-specific political and economic risks.”
BlackRock further illustrated Bitcoin’s robustness by including a chart demonstrating how Bitcoin returns have outperformed those of the S&amp;P 500 and gold during significant geopolitical events.

Bitcoin Surges as BlackRock Report Calls BTC a ‘Unique Diversifier’

Crypto Intelligence

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