BlackRock's head of digital asset strategy, Rob Michnik, believes the crypto industry has misrepresented Bitcoin as a 'risk-on' asset. In an interview with Bloomberg, he emphasized that Bitcoin's behavior differs from traditional risk assets due to its scarcity, global reach, decentralized nature, and lack of country or counterparty risk. Michnik compared Bitcoin to gold, highlighting its historically low correlation to U.S. equities. He believes this distinction should be recognized to avoid self-inflicted wounds in the industry's marketing efforts. By accurately positioning Bitcoin as a unique risk asset, the industry can effectively convey its value proposition and attract a broader investor base.