Bitcoin should be valued as “uncorrelated assets that benefit when the world gets even more troublesome.”
“In the long term, the crypto is being separated from US tech stocks,” Jacobs stressed that while short-term market stress could mask the difference, “the long-term correlation between US stocks and Bitcoin is similar to two or three percent.” He argued that what drives stocks higher, namely “higher growth, higher certainty, lower geopolitical risk” is a mirror image of the power that drives Bitcoin. “Bitcoin thrives when you’re looking for something that has more uncertainty and takes on different behavior. So basically they should act like uncorrelated assets.”
BTC has just below $94,000 during Jacobs’ appearance, extending the rally, which added about 150% since Spot-ETF approval earlier last year.
Bitcoin rises for “Megaforce”
Jacobs linked price action directly to the flow. “We should continue to see gold, bitcoin and others rise in the long run as this huge trajectory of uncertainty continues across the world,” he said, adding that investors are repositioning accordingly. “We’ve seen a big inflow into gold ETFs. We’ve seen a big inflow into Bitcoin because people are looking for assets that behave differently.”
The biggest beneficiary was BlackRock’s own Ishares Bitcoin Trust (IBIT), which absorbed $643 million in net creation on April 23rd.
Jacobs surrounded the Rush with hard assets as part of a longer geopolitical restructuring. “If you look at central banks around the world, the ongoing movement towards diversifying as well as holding dollars is what has been going on for decades. Switching from holding dollars to looking at other types of assets like Bitcoin is a long-standing trend.”
Central Bank gold purchases indicate shifts. Online purchases exceeded 1,044 tons in 2024.
He linked these reserve moves to BlackRock’s 2023 “Megaforce” framework, identifying geopolitical fragmentation as the secular driver of return. “I think that megaforce has implemented policies like reuse in the US and is directly linked to fragmentation, and something like Bitcoin is on the rise as people see a geopolitics destabilization that requires more alternative assets.”
The effects of BlackRock are difficult to exaggerate. The company has concluded the first quarter.
By combining its size with a general paper that says that Bitcoin’s fair price rises as uncertainty deepens, asset managers effectively codify valuation models that set marginal prices rather than undiscounted cash flows for scarcity and sanctions resistance.
As Jacobs said, the market is “looking for alternatives, part of a portfolio that behaves separately from stocks and bonds.” As IBIT swallows more BTC every day, and miners are swallowing more BTC than they can generate after a hark, his remarks may provide the clearest blueprint ever for how the world’s biggest asset manager thinks about pricing for the world’s biggest cryptocurrency.
At the time of pressing, BTC traded for $94,510.
Featured images created with dall.e, charts on tradingview.com
