Bitcoin experienced a nearly 6% surge after BlackRock, the world’s largest asset manager, released a white paper discussing the cryptocurrency’s potential as a safeguard against monetary and geopolitical risks. BlackRock’s report described Bitcoin as a “unique diversifier” separate from traditional economic and geopolitical threats. The uptick in Bitcoin’s price began shortly before Eric Balchunas, a senior Bloomberg ETF analyst, disseminated the nine-page document via a Sept. 18 X post. Balchunas posted BlackRock’s findings at 4:21 pm UTC, which followed Bitcoin’s rally from its daily low of $59,354. Following the release, Bitcoin’s value increased by over 5.7%, momentarily reaching $62,600 for
