Mitchnick from BlackRock says Bitcoin's macro case is strengthening. The regulation stuff doesn't matter anymore. Just vibes now.
The macro case. That's what we're calling it when a line goes up and someone at a $10 trillion asset manager needs to explain why without saying "because people kept buying it." Bitcoin rallies when sentiment toward other assets cools, according to Mitchnick. Which other assets? Doesn't say. Cooled by how much? Doesn't say. What's the correlation coefficient? Brother, we're not doing that kind of work here.
This is technical analysis in reverse. You watch the price move. Then you invent the narrative. Then you go on television and say the narrative caused the price move. BlackRock has a Bitcoin ETF to sell. Mitchnick has a microphone. You have a Robinhood account with $847 in it and a dream.
Regulation took a back seat. Fascinating development. The thing that was supposed to kill Bitcoin just stopped mattering right around the time BlackRock started accumulating fees on spot Bitcoin products. What a coincidence. What a world.
The flagship cryptocurrency rebounded throughout its history whenever investor sentiment cooled. You know what else rebounded throughout history? Beanie Babies in 1998. Pets.com in early 2000. Your ex's text messages after she saw your vacation photos. Reversion to previous highs is not a macro thesis. It's a chart pattern with a publicist.
Mitchnick believes the case is strengthening even as the thing that was supposed to matter stops mattering. This is the kind of logic you get when your job is to say bullish things about an asset your employer sells. He's not wrong. He's not right. He's employed.
Retail traders will read this headline and feel validated. Finally, BlackRock agrees with them. They were early. They were smart. They saw what the institutions couldn't see. Then they'll check their portfolio and realize they bought at $68,000 in November 2021 and they're still under water after fees.
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