BlackRock’s Crypto Head Labels Bitcoin as a ‘Risk-Off’ Asset, Indicating Potential for Significant Price Increase

Robbie Mitchnick, the head of digital assets at BlackRock, recently underscored Bitcoin’s potential as a “risk-off” asset, despite its performance often paralleling that of U.S. equities. In a Bloomberg interview, Mitchnick likened Bitcoin to gold, highlighting its decentralized characteristics and finite supply as significant differences from conventional assets.

He pointed out that, notwithstanding short-term volatility, both Bitcoin and gold exhibit comparable long-term trends.

As crypto ETF custody gains attention, BlackRock Head of Digital Assets Robbie Mitchnick states “nothing of significance has changed” https://t.co/iEWuW22snc pic.twitter.com/YBLG2zfrgc

— Bloomberg Crypto (@crypto) September 24, 2024

While Bitcoin has surged by 49% this year, partly due to the launch of ETFs such as BlackRock’s Ishares Bitcoin Trust (IBIT), the perception of Bitcoin as a store of value is evolving. Mitchnick differentiated Bitcoin’s position from that of Ethereum, which remains dependent on the broader adoption of its network.

With BlackRock’s increasing engagement in the cryptocurrency sector, CEO Larry Fink has also acknowledged Bitcoin as “digital gold,” indicating a notable shift in institutional perspectives.

China’s Crypto Brokers Attract $75B Amid Economic Struggles

Despite the prohibition on cryptocurrency trading, China’s over-the-counter (OTC) brokers have generated an impressive $75 billion in transactions during the first nine months of 2024.

A Chainalysis report indicates that as China’s economy struggles—especially in its unstable stock and real estate sectors—investors are turning to cryptocurrency. These OTC brokers offer a discreet method for converting Chinese yuan into cryptocurrencies without engaging in public markets.
The demand for cryptocurrency is evident, with some transactions reaching $1 million. Beijing has implemented strict measures against cryptocurrency-related crimes, but enforcement remains challenging due to the global nature of digital assets. While mainland China maintains stringent regulations, Hong Kong permits cryptocurrency trading.

China’s over-the-counter cryptocurrency brokers are drawing unprecedented inflows, reflecting a demand for alternative investments amid weak equity and property markets in a struggling economy https://t.co/Pw0txuPjYl

— Bloomberg Economics (@economics) September 24, 2024

Despite regulatory actions, China’s vibrant cryptocurrency sector may help support Bitcoin prices as investors seek alternatives to declining traditional markets like stocks. This clandestine activity could sustain Bitcoin’s upward trajectory.

Additional Stock and Crypto Tax Plans Are Shelved by Turkey

Recently, Turkey’s Vice President Cevdet Yilmaz decided to abandon plans for an additional tax on cryptocurrency and stock transactions. Earlier this year, the government considered taxing gains from crypto and stocks, but after receiving criticism and concerns regarding the potential impact on the stock market, it opted against the measure.

Yilmaz confirmed that these taxes will no longer be pursued, with a shift in focus towards reducing tax exemptions.

No stock or crypto taxes will accompany any new tax package planned for 2024, confirms Turkish VP Cevdet Yilmaz pic.twitter.com/HG4EDJe2fo

— Türkiye Today (@turkiyetodaycom) September 24, 2024

This announcement led to a decline in the stock market, prompting the Turkish government to postpone its initial tax proposals made in June. Numerous countries, including the United Kingdom and Japan, are exploring effective methods to tax cryptocurrency.

The decision to eliminate a regulatory hurdle and cancel Turkey’s proposed crypto tax could positively influence Bitcoin prices. This may encourage increased cryptocurrency trading and contribute to a rise in Bitcoin’s value.

Bitcoin Price Outlook; Daily Technical Analysis

Bitcoin has been trading consistently above its 50-EMA ($63,365) as it nears a critical inflection point around $63,480. Following several unsuccessful attempts to surpass the $63,987 resistance level, the cryptocurrency now appears to be consolidating within a narrow range.

The 2-hour RSI currently stands at 53.77, indicating neutral momentum, but there are indications of a possible upward reversal, with support remaining solid around $63,365. A successful breakout above $63,987 could lead Bitcoin to test higher resistance at $64,371.

Conversely, failing to maintain the current support could drive prices down toward the next support level at $62,744. Traders should be alert for volatility as Bitcoin hovers near its pivot point.

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