Speaking from the Nakamoto stage at the Bitcoin 2025 conference, Robert Michnik, head of the Blackrok Digital Assets, made a convincing condition of the unique BTC in global financing – as the world’s largest asset manager does not see Bitcoin not only as a hedge of the legitimate wallet but also as a superior gold.
Michnik Described Blackrock’s ISHARES BTC Trust (IBIT) performance is “unprecedented”, but he stressed that this was the early stage of adoption. “It is very early in the ETF life cycle,” he said. “In many cases, it takes several years to get all the cylinders that truly fire – from education to institutional care to mobility through the main wealth platforms.”
Bitcoin on gold
Although Ibit has already gained a tremendous traction in the American market, Blackrock recently launched a similar product in Europe and sees global expansion necessary. “We are enthusiastic,” said Michnik. “This was a global story … even if you look at IBIT numbers, a huge amount of this already comes from external wealth channels, including Asia.”
The main theme of Michink’s statements was the increasing institutional normalization of BTC. Certified with a model Blackrock Governor – used by wealth managers on a large scale – as a turning point. “In February of this year, just about three months ago, one of those governor added Bitcoin as a distribution in a range of 1 to 2 %,” said Michnik. “This was not a sudden reaction to anything – it was several years of analysis and research.” He explained that these allocations allow financial advisors to include BTC without the need for direct demand for the customer, and to accelerate negative adoption through consulting networks.
Michnik pushed strongly against a long -term prosecution that BTC only behaves like speculative technology stocks. “Through most of the history of Bitcoin, it had a very low relationship [to equities]“Note. While acknowledged the short-term compatibility periods-especially among retailers who have been summoned-argued that institutional investors see BTC differently:“ They view Bitcoin as a discrimination in a portfolio and a potential station against some of the risks of the left tail in another place in traditional assets. ”
He explained this point with a sharp story: “Think again until the fifth of August … The market had collapsed miniature and Bitcoin became that day. It had no relationship with Bitcoin mainly … but Bitcoin doubled over the next four months.” According to Mitchnick, this explains how short-term volatility leads to accumulation by long-term bearers-those who look at Bitcoin not as a “risk balance” but as a cash hedging.
When asked directly about the continuous discussion of Gold-Versus-BTC, avoid Mitchnick’s model framing. He said: “They are universal, rare, uncovered, fixed origins.” “Gold has much lower fluctuations and a longer date. But bitcoin is digitally original, effective for storage, and can be transferred anywhere in the actual time near the cost near zero.” Then he gave the referee: “Bitcoin has a much higher height of gold – and the negative side reduces.”
It also took the cause of this narration is not more dominant. “It is amazing for me that the industry has not promoted this more effectively,” he said, and he criticizes financial media and research companies that still link BTC value with non -relevant Macro addresses. “Bitcoin has never heard of definitions. You don’t know what they are.”
When asked about ETF Crypto in the future outside Bitcoin and Ethereum, Mitchnick drew a fixed line. “Bitcoin in one category,” he said. “The rest of the encryption is competing in different corridors, with different cases of use … they look more like technical arrows or exposure to the project.” As a result, the relationship between BTC and other digital assets is expected to decrease.
Regarding the issue of the organization, Michnik welcomed the interest of both parties in Washington. He said: “It is just a wonderful and encouraging thing that there is momentum behind developing an organizational framework.” “Whether we are talking about stablecoins or market structure, there is a great momentum there – and we are excited to see how it shakes it.”
At the time of the press, BTC was traded at $ 108,879.
Distinctive image created with Dall.e, Chart from TradingView.com
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