BTC rallies past $62.6K after BlackRock issues Bitcoin white paper 
2024-09-19

Bitcoin rallied nearly 6% after the world’s largest asset manager issued a white paper highlighting the digital asset’s potential as a hedge against monetary and geopolitical risks.
BlackRock published a Bitcoin BTCUSD white paper on its appeal to investors as a “unique diversifier” that is detached from traditional fiscal and geopolitical risks.
Bitcoin price bottomed out shortly before senior Bloomberg ETF analyst, Eric Balchunas, shared the nine-page white paper in a Sept. 18 X post.
Balchunas shared BlackRock’s report at 4:21 pm UTC, nearly an hour after Bitcoin started rallying from its daily bottom of $59,354.
Bitcoin has since rallied over 5.7% to briefly reclaim $62,600 for the first time in over three weeks, Cointelegraph data shows.
Some analysts are predicting a three-month Bitcoin rally up to $92,000, which could start in October, based on historical chart patterns and Bitcoin’s average monthly returns for the fourth quarter of the year.
Bitcoin can hedge against monetary and geopolitical risks: BlackRock
BlackRock’s white paper notes that Bitcoin’s decentralized, permissionless nature made it the world’s first “truly open-access monetary system,” not just a cryptocurrency.
The asset manager also praised Bitcoin for having “no traditional counterparty risk,” or dependencies on centralized systems. The white paper said:
To highlight Bitcoin’s resilience, the asset management giant shared a chart that shows how Bitcoin returns surpassed the S&P 500 and gold prices during past major geopolitical events.
Bitcoin adoption will be driven by global monetary and geopolitical concerns
Bitcoin’s adoption path will be driven by the degree of macroeconomic concerns, according to BlackRock’s white paper.

BlackRock is the issuer of the world’s largest Bitcoin exchange-traded funds (ETF), which holds over $21.4 billion worth of BTC, commanding over 38% of the Bitcoin ETF market, according to Dune data.