Geopolitical tensions fuel central bank shift toward gold, crypto — BlackRock exec
Bitcoin’s growing decoupling from US equities is fueling its appeal as a safe-haven asset alongside gold, BlackRock’s Jay Jacobs told CNBC.
Update April 26, 4:28 am UTC: This article has been updated to correct the attribution of comments made during the CNBC Asia interview. References to China’s potential shift from US Treasurys toward gold and crypto were made by the CNBC anchor, not BlackRock’s Jay Jacobs.
Central banks worldwide are accelerating their diversification strategies amid rising geopolitical uncertainty, increasingly turning to assets like gold and Bitcoin, according to Jay Jacobs, BlackRock’s head of thematics and active ETFs.
In a recent interview with CNBC, Jacobs pointed to a long-term trend where countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin (BTC).
