Bitcoin’s $40 Trillion U.S. Debt Catalyst: BlackRock Executive Sees Stronger Bull Case

Bitcoin’s long-term investment narrative is coming back into focus with US federal debt beyond $40 trillion and long-term budget deficits raising sustainability issues, Robbie Mitchnick, global head of digital assets at Blackrock said.

Investors would view it alongside other digital currencies as an alternative asset class to sovereign-driven assets, he said. Mitchnick said in an Aug.

26 interview that, with debt and deficits being such a problem, and with investors concerned about fiat currency’s future purchasing power, the buying pressure of investors may increase around scarce assets, such as Bitcoin and gold. According to U.S. Treasury data, on Aug.

18, the U.S. gross federal debt stood at roughly $40.05 trillion.