Update of April 26, 4 h 28 UTC: This article was updated to correct the allocation of comments made during the interview with CNBC Asia. References to the potential passage of American Treasurys to gold and crypto were made by the CNBC anchor, and not JAY Jacobs of BlackRock.
Central banks around the world accelerate their diversification strategies in the midst of increasing geopolitical uncertainty, turning more and more towards assets such as gold and Bitcoin, according to Jay Jacobs, the chief of the thematization of Blackrock and the active ETFs.
In a recent interview with CNBC, Jacobs underlined a long -term trend where countries have reduced their dependence on the dollar -based reserves in favor of assets such as gold and, more and more, Bitcoin (BTC).
“All this diversification far from traditional active ingredients and things like gold and also crypto […] Three, four years ago, “said Jacobs.
He said the recent geopolitical fragmentation had intensified the thrust to other value reserves.
The anchor of CNBC, Martin Soong, also referred to the growing concerns concerning the freezing of 300 billion dollars in assets of the Russian central bank in the middle of his war against Ukraine, which suggests that such events have prompted countries like China to rethink their reserve strategies.
https://www.youtube.com/watch?v=glsevoqzssk
Jay Jay Jacobs of BlackRock on CNBC. Source: YouTube
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Geopolitical fragmentation to shape global markets
During the interview, Jacobs said that BlackRock, the largest asset manager in the world, identified geopolitical fragmentation as a decisive force for global markets in the coming decades:
“We have really identified geopolitical fragmentation as a mega force that advances the world in the coming decades.”
He noted that this environment fuels the demand for unrealed assets, with Bitcoin more and more considered alongside gold as an active in Haven sure.
“We have seen important entries in the Golden Etf. We have seen important entries in Bitcoin. And that’s it because people are looking for assets that will behave differently,” said Jacobs.
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Investors highlight the decoupling of Bitcoin
In particular, Jacobs is not the only one to underline the drop in the correlation of Bitcoin with American actions. Several analysts have also observed that Bitcoin is starting to decline from the American stock market.
On April 22, Alex Svanevik, co-founder and CEO of the Nansen Crypto Intelligence platform, said that the Bitcoin Prize highlights its growing maturity as a global actor, becoming “less Nasdaq-more gold”.
He added that Bitcoin was “surprisingly resilient” in the middle of the trade war compared to altcoins and clues like the S&P 500, but remains vulnerable to the problems of economic recession.
Echoing this feeling, QCP Capital said in a telegram note on April 21 that Bitcoin seemed to share some of Gold’s projectors as a coverage against macroeconomic uncertainty.
“The actions ending last week in red and extending an April levy, the account of the BTC as a hedge of refuge or inflation is again gaining ground. If this dynamic can provide, it could provide a new rear wind for the institutional allocation of the BTC,” he wrote.
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