Gold is surpassed, according to BlackRock's view, by Bitcoin in terms of preference. Their argument substantiates this claim.
At the Bitcoin 2025 Conference, Robert Mitchnick, Head of Digital Assets at BlackRock, posited Bitcoin's unique role in global finance, suggesting that the world's largest asset manager sees Bitcoin not only as a legitimate portfolio hedge but also as a superior alternative to gold.
Mitchnick described the performance of BlackRock's iShares BTC Trust (IBIT) as "unprecedented," yet emphasized that this was still early in the product's lifecycle. "It's very early in the life cycle of an ETF," he said, highlighting the need for education, institutional diligence, and onboarding across major wealth platforms to reach full potential.
In a global context, BlackRock's European launch of a similar product underscores the significance of expanding IBIT's reach. "We're excited," Mitchnick said, noting a massive offshore wealth contribution to IBIT's success, particularly in Asia.
Mitchnick emphasized the growing institutional normalization of Bitcoin, citing equal allocations in BlackRock's model portfolios—widely used by wealth managers—as a turning point. These allocations, he explained, enable financial advisers to include Bitcoin without requiring direct client demand, accelerating passive adoption across advisory networks.
He refuted the notion that Bitcoin behaves like a speculative tech stock, noting low correlation between Bitcoin and equities over most of its history. While acknowledging short-term alignment among leveraged retail traders, Mitchnick argued that institutional investors view Bitcoin as a differentiator in a portfolio and a potential hedge against portfolio risks.
Utilizing a striking anecdote, Mitchnick demonstrated this point, referencing thesoaring Bitcoin price following its mid-year plummet. He contended that such volatility can lead to accumulation by long-term holders who view Bitcoin not as a "risk-on asset" but as a monetary hedge.
In the gold-versus-BTC debate, Mitchnick declined to frame it as a zero-sum contest. Rather, he saw both assets as global, scarce, decentralized, fixed-supply assets. However, he touted Bitcoin's digital nativity, efficiency, and potential for global, near real-time transfers at near-zero cost, characterizing it as having higher upside and lower downside than gold.
Mitchnick criticized the financial media and research firms that continue to link Bitcoin's value to irrelevant macro issues. "Bitcoin's never heard of tariffs," he said, underscoring the need for a more effective promotion of Bitcoin's capabilities.
In regards to future crypto ETFs beyond Bitcoin and Ethereum, Mitchnick drew a distinction. "Bitcoin is in a category of one," he said, characterizing other digital assets as competing in different market niches. As a result, he expects the correlation between BTC and other digital assets to weaken further.
Mitchnick welcomed the growing bipartisan interest in Washington concerning the development of regulatory frameworks for stablecoins and market structures, expressing optimism for the regulatory landscape's evolution. At press time, BTC traded at $108,879.
Investing in Bitcoin, according to Robert Mitchnick, Head of Digital Assets at BlackRock, is not just a hedge against portfolio risks but also a superior alternative to gold, particularly due to its digital nativity, efficiency, and potential for global, near real-time transfers at near-zero cost. As Mitchnick predicted, the correlation between Bitcoin and other digital assets is expected to weaken further, indicating a unique role for Bitcoin within the realm of technology-driven finance.
