The views of Mitchnick, the head of digital assets at BlackRock, are very interesting and are basically consistent with the dual nature of Bitcoin as a risky asset and a hedge asset that I previously proposed.

He further criticizes that treating Bitcoin as a risky asset and using fundamental analysis methods for the US stock market to analyze its market trends is a downgrade for Bitcoin, which will weaken its attractiveness to institutions.

It is obvious that if a Bitcoin spot ETF is just a type of technology stock ETF in the US stock market, why would institutions allocate to it instead of to companies like Nvidia?

The reason Bitcoin is great is because it is generally uncorrelated with risky assets in the long term and because it serves as a hedge against the fiat financial system.

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