Blackrock hears this question more than any other.
Their latest research shows Bitcoin is indeed risky but not a "risk-on" asset.
Here's the breakdown: 🧵
2/ BTC is undeniably risky, having been the worst-performing major asset in 7 out of the last 10 years.
Yet it not only recovered each time but also outperformed all major asset classes, achieving a crazy annualized return of over 100% over the past decade.
3/ Yet BTC isn't a "risk-on" asset.
BTC shows low long-term correlation with equities and other risk assets.
While short-term spikes in correlation occur, especially with shifts in U.S. dollar real interest rates or liquidity, these don't establish a lasting relationship.
Random thought: I believe that the old CT would've closely covered and discussed stablecoin movements like this. And other structural changes in the market.
But currently CT feels distracted, discussing random and less relevant topics :(
This results in consistent payouts, lower entry barriers, and shared financial risks.
3/ Chainalysis reported that Iran, Lazarus Group, and scammers use mining pools to launder money by mixing illegal funds with legitimate mining rewards.
It makes detection hard when funds are sent to CEXs.