BlackRock, the world's largest asset manager, has officially changed its view on Bitcoin, now considering it a global monetary alternative. BlackRock executive Jay Jacobs highlighted during a conference that unlike assets such as gold and US Treasury bonds, whose supply is controlled or limited, Bitcoin has a fixed supply, making it a unique store of value. Although still volatile, Bitcoin differs from the US currency by being a decentralized asset, similar to gold in terms of monetary reserve.

The presentation also addressed Bitcoin's volatility and its low correlation with other assets, such as the stock market, which makes it an interesting portfolio diversifier. Despite its volatility, this has decreased over time, indicating a maturation in the market. According to BlackRock's research, even allocating a small percentage of Bitcoin (between 1% and 5%) to a conventional portfolio could improve returns and adjust risk metrics, albeit with higher volatility and steeper drawdowns.

My view is that this stance by BlackRock reinforces the legitimacy of Bitcoin as an institutional investment asset, especially for portfolio diversification. The entry of a giant like BlackRock could attract more institutional investors, which could stabilize volatility in the long run and encourage its widespread acceptance.