Bitcoin has been unfairly labeled as a “risk-on” asset, says BlackRock’s head of digital assets, Robbie Mitchnick. Speaking in a Sept. 24 interview with Bloomberg, Mitchnick argued that Bitcoin’s long-term drivers differ from traditional equities and other risk assets, calling it a “scarce, decentralized, non-sovereign asset.”

BlackRock’s recently released Bitcoin white paper labels BTC as a “unique diversifier,” positioning it as a hedge against monetary and geopolitical risks. Mitchnick emphasized that Bitcoin’s properties make it more aligned with risk-off assets like gold, contradicting the common belief that it should behave like equities.

Despite a minor operational update involving BlackRock’s Bitcoin ETF custodian, Mitchnick reassured investors that nothing significant has changed. With BlackRock’s iShares Bitcoin Trust (IBIT) offering regulated access to Bitcoin, Mitchnick believes Bitcoin’s true value lies in its global potential as an emerging alternative currency.