During his appearance on Market Domination Overtime with Julie Hyman and Josh Lipton, Robbie Mitchnick provided insights about Bitcoin and the crypto market as global head of digital assets at BlackRock.
Institutional investors consider this Bitcoin market dip as a chance instead of considering it a failure.
Robbie Mitchnick noted that long-term Bitcoin holders believe the economic conditions create an “irrational sell-off” of the short-term outlook but remain positive about the market direction.
According to the Blackrock analyst, major investors who cashed out from Bitcoin when it reached the “hundreds” price range are currently returning to buy at reduced prices.
Robbie Mitchnick also stressed the advantage of a recession to Bitcoin and other cryptos saying,
“They certainly don’t look at economic headwinds and say that’s bad for Bitcoin. They say that’s probably a catalyst for Bitcoin.”
The analysts believed economic challenges do not spell trouble for Bitcoin as its a favorable trigger to perform well.
The assessment of BTC inside investment portfolios is changing so Mitchnick notes the requirement for better quantitative research approaches.
BlackRock and other financial institutions carry out efforts to establish “quantitative rigor” for examining the long-term correlation and risk-return profile of Bitcoin.
Michael Saylor on BTC at $80K
Executive Chairman Michael Saylor of MicroStrategy also sees Bitcoin at $80,000 as the ideal time for continuing the accumulation, according to his perspective.
During an interview, Saylor denied the possibility of a crypto market crash by describing current conditions as a “slowing down parade of great occurrences.”
Speaking about the broader crypto landscape, Saylor dismissed the idea of a crash, instead calling it a “slow motion parade of wonderful things.”
Michal Saylor emphasized that Bitcoin’s long-term trajectory is overwhelmingly positive, stating, “There’s a 98% chance they’re gonna happen. I just can’t tell you exactly the date they’ll happen.”
Saylor maintained that institutional reluctance to value Bitcoin correctly will end when banks start accepting Bitcoin in full scale and the price will rally to unprecedented levels.
He argued that institutions are underestimating Bitcoin’s future value stating, “The idea that you could actually buy Bitcoin at $80,000 right now is a joke.”
The price of Bitcoin will experience a significant increase when banks including Bank of America announce their support for billion-dollar BTC transactions.
Saylor argued that when conventional bankers start recommending Bitcoin investments it will result in a $10,000,000 price tag.
He went on to say that timely investors must take action since buyers who delay their involvement will have to pay hundreds of times more.
How are Institutions Reacting to the Discounted BTC Price?
The decreasing BTC prices create appealing conditions for institutions and individual large holders while they build positions in Bitcoin.
The iShares Bitcoin Trust ETF (IBIT) launched by BlackRock has accumulated $37 billion since January 2024 following an investment of 1% to 2% of its $150 billion fund in BTC.
Fidelity also continued to build its ETF positions through active acquisitions. ARK Invest was also on a consistent buying spree as its ARKB ETF received $88.5 Million from new investments.
The investment in BTC ETF from the State of Wisconsin rose by 100% to $321 Million, and Bank of Montreal boosted their funds by 1000% to $139 Million as both entities demonstrated their confidence in BTC’s enduring value despite current uncertainties.
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