Bitcoin surged past $62.6K, climbing over 5.7% following BlackRock's release of a comprehensive white paper on the cryptocurrency's potential. The worldâs largest asset manager highlighted Bitcoin as a âunique diversifierâ and a robust hedge against monetary and geopolitical risks, just as the digital asset began its rally from a low of $59,354.
Published on September 18, the nine-page report emphasizes Bitcoinâs decentralized and permissionless nature, positioning it as the first âtruly open-access monetary system.â BlackRock pointed out that Bitcoin is free from traditional counterparty risks and operates independently of centralized financial systems. This detachment from critical macroeconomic factorsâlike banking crises, sovereign debt issues, and geopolitical disruptionsâunderscores its value, especially in times of uncertainty.
The report also includes a chart demonstrating Bitcoin's strong returns compared to the S&P 500 and gold during major geopolitical events. BlackRock suggests that Bitcoin's future adoption will largely depend on rising concerns over global monetary stability and geopolitical tensions.
Analysts are optimistic, with some predicting a potential surge to $92,000 in the coming months, driven by historical patterns and Bitcoinâs average performance in Q4. As of now, Bitcoin has reclaimed levels above $62,600, signaling renewed investor interest.