BlackRock: Bitcoin’s “safe-haven/anti-devaluation” narrative has returned to the center of the market.

Bitcoin has recently returned to the $80,000 mark. BlackRock’s head of digital assets, Robbie Mitchnick, believes the market is refocusing on Bitcoin’s safe-haven attributes and its role as a hedge against currency devaluation. Unlike previous rallies that largely tracked the Nasdaq and tech stocks, this upswing appears to be a macro repricing driven by growing concerns over debt, deficits, and the U.S. dollar’s creditworthiness. This assessment aligns with recent market movements. Bitcoin has rebounded sharply from its $60,000 range low, briefly topping $81,000; meanwhile, gold has also held strong, with U.S. long-dated Treasury yields and U.S. fiscal sustainability emerging as key market talking points. BlackRock argues that when debt, deficits, and currency devaluation return to investors’ radar, scarce assets like Bitcoin and gold will see stronger allocation demand. Funding conditions have also shown signs of improvement. Spot Bitcoin ETFs posted a net inflow of around $2.4 billion in August, marking one of their strongest months so far this year. Meanwhile, Bitcoin’s correlation with the Nasdaq has declined significantly, with some traders noting its recent performance is more similar to gold’s. This signals that the market is shifting back from "risk asset trading" to "macro hedging trading."