BlackRock's Mitchnick says macro case for bitcoin is strengthening after record trading in positive week

Robbie Mitchnick, BlackRock’s (BLK) head of digital assets, is the latest industry expert to voice a strongly bullish macroeconomic outlook for bitcoin BTC $ 78,808.48, and investors appear to share that conviction.

Trading volume in the company’s spot bitcoin ETF, IBIT, last week hit a record for any positive week since its debut in January 2024 even as the share price tracked bitcoin’s 23% gain, according to TradingView data.

"[Fiscal] Debt and deficit levels are a major concern for markets,” Mitchnick told CNBC in an interview, adding that when those concerns return to the headlines, it tends to benefit “assets like bitcoin and gold.”

Mitchnick also noted that equities have recently lagged behind bitcoin and gold, while fixed-income markets have been choppy. Against that backdrop, bitcoin’s advance is evidence of its distinct appeal and status as an emerging store of value.

He is not alone in this assessment. A growing number of observers have recently warned about the unsustainable trajectory of U.S. fiscal debt and how it's leading to financial repression, a policy tool that incentivizes capital to flow into hard assets.