Nvidia · Bitcoin ETF · Bitcoin · CoinDesk
BlackRock's Mitchnick says macro case for bitcoin is strengthening after record trading in positive week
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Robbie Mitchnick, BlackRock’s (BLK) head of digital assets, is the latest industry expert to voice a strongly bullish macroeconomic outlook for bitcoin BTC $ 79,875.02, and investors appear to share that conviction.
Key facts
- IBIT’s share price surged by 22.59% to $43.68 last week, its best performance since February 2024, with net inflow of $1.33 billion
- Trading volume in the company’s spot bitcoin ETF, IBIT, last week hit a record for any positive week since its debut in January 2024 even as the share price tracked bitcoin’s 23% gain, according
- Robbie Mitchnick, BlackRock’s (BLK) head of digital assets, is the latest industry expert to voice a strongly bullish macroeconomic outlook for bitcoin BTC $ 79,875.02, and investors appear to share
- Last week, a total of 439.5 million IBIT shares changed hands as prices surged and investors poured billions more into the spot ETF
Summary
BlackRock’s digital assets chief said concerns about U.S. debt and deficits strengthen bitcoin’s appeal as an emerging store of value alongside gold. Trading volume in the company’s spot bitcoin ETF, IBIT, reached a record for a positive week while the share price tracked bitcoin’s 23% gain. Trading volume in the company’s spot bitcoin ETF, IBIT, last week hit a record for any positive week since its debut in January 2024 even as the share price tracked bitcoin’s 23% gain, according to TradingView data. " Debt and deficit levels are a major concern for markets,” Mitchnick told CNBC adding that when those concerns return to the headlines, it tends to benefit “assets like bitcoin and gold.”