BlackRock: Bitcoin's appeal lies in its decoupling from traditional risk and return drivers

According to Mars Finance, BlackRock released the report "Bitcoin: A Unique Diversifier". The report stated that most of the risks and potential return drivers faced by Bitcoin are different from traditional "risk" assets, making it unsuitable for most traditional financial frameworks - including the "risk-on" and "risk-off" frameworks adopted by some macro commentators. Bitcoin's nature as a scarce, non-sovereign, decentralized global asset leads some investors to view it as a safe option to turn to during times of fear and certain geopolitical disruptive events. In the long run, Bitcoin's adoption trajectory is driven by strong concerns about global monetary stability, geopolitical stability, U.S. fiscal sustainability, and U.S. political stability. This is contrary to the relationship that is usually attributed to traditional "risk assets" with such forces. Bitcoin's long-term performance shows a low correlation with stocks and bonds, which makes it attractive for diversified investment. Although in the short term, Bitcoin's price movements occasionally synchronize with traditional risk assets, these are considered temporary phenomena. The conclusion of the report once again emphasizes that Bitcoin's unique characteristics may make it a hedging tool for risks that traditional assets cannot cope with, especially in the context of increased geopolitical and economic uncertainty.