BlackRock CEO: Bitcoin could still be an alternative inflation hedge asset

Odaily Planet Daily News Commodity prices such as gold and crude oil have been rising due to growing tensions in the Middle East. However, Bitcoin is moving in the opposite direction, sparking a new round of discussion about whether it is a safe-haven asset.
Li Xing, a financial market strategy consultant at Exness, commented: "The escalating conflict in the Middle East has prompted investors to seek safety in gold, enhancing the appeal of gold amid broader market uncertainty."
Jeroen Blokland, founder of Blokland Smart Multi-Asset Fund, believes that investors are selling Bitcoin to buy gold.
Meanwhile, precious metals analyst Jesse Colombo said that unlike precious metals, Bitcoin and cryptocurrencies always fall when there are geopolitical concerns, and then added: "This confirms my long-standing belief that cryptocurrency is not a safe haven. It is another risky asset, just like high-flying technology stocks."
U.S. technology stocks also fell sharply on Tuesday, with Apple and Nvidia shares falling by about 3% and the Nasdaq 100 index falling by more than 2%.
However, BlackRock CEO Larry Fink said in an interview with Fox Business on Oct. 1 that Bitcoin could still be an alternative inflation hedge asset.
Markus Thielen, head of research at 10x Research, said Bitcoin was originally designed as a peer-to-peer electronic cash system, not a safe haven asset, adding: "Bitcoin is still in its maturation phase and has not yet fully transitioned to its potential role as a gold alternative, which some believe would happen if governments banned individuals from holding gold."
Until then, he said, "Bitcoin's price will continue to be affected by economic and liquidity cycles," and the current economic outlook remains weak. (Cointelegraph)