⚠️ BlackRock Reveals When Bitcoin Price Will Recover For Events Like Iran-Israel Incident – Here’s The Expected Date
Bitcoin’s (BTC) sharp decline following Iran’s latest attack on Israel was predictable, according to an earlier report by asset management giant BlackRock.
BlackRock Says Geopolitical Volatility in Bitcoin Is Temporary
In the recent report, BlackRock highlighted that geopolitical events typically trigger temporary market volatility, but Bitcoin tends to recover like other safe-haven assets like gold.
Bitcoin, currently trading at $61,190, down 2.3% from last day, has yet to fully recoup its losses, but BlackRock remains optimistic, saying it’s only a matter of time before the largest cryptocurrency by market cap of $1.2 trillion regains momentum.
In a nine-page report published in September, BlackRock CEO Larry Fink highlighted Bitcoin’s resilience to geopolitical shocks. The report presented data showing that Bitcoin often rises by double digits 60 days after major geopolitical events. For example, in the 60 days following a US airstrike on an Iranian commander in 2020, Bitcoin rose 20%, while gold rose 6% and the S&P 500 fell 7%. Similarly, Bitcoin saw a significant price increase following Russia’s invasion of Ukraine in 2022.
BlackRock, the $10 trillion investment firm that manages the industry’s largest spot Bitcoin exchange-traded fund, has told investors to keep a “modest allocation” to Bitcoin as a hedge against geopolitical risks. The firm’s analysis points to a potential price recovery by Nov. 30 following recent unrest in the Middle East.