Bitcoin and Ether Hold Key Support as BlackRock Sees Persistent Demand for Precious Metals and Digital Gold
With global government debt continuing to climb and geopolitical risks rising, investors are again seeking safe-haven assets such as gold. BlackRock believes the bull market in precious metals is not over. Bitcoin’s limited supply and ability to trade across borders have also reinforced its status as “digital gold,” making it a key gauge of whether traditional safe-haven demand is spilling into crypto markets.
As of July 20, 2026, Bitcoin had established support near $68,230, while Ether held the $2,000 level. Market liquidations had declined from earlier levels, suggesting that highly leveraged positions were gradually being cleared. BlackRock analysts also said government debt and geopolitical pressures persisted, and safe-haven demand for precious metals and digital gold had yet to fade.
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The history behind this eventBlackRock Backs Bitcoin’s Long-Term Hedge Case as Rally Pauses Near $80,000
BlackRock digital assets head Robert Mitchnick said bitcoin’s long-term case rests less on behaving like a high-beta technology trade and more on its potential as a risk-off asset. The view matters because BlackRock, the world’s largest asset manager and a major issuer of a spot bitcoin ETF, is framing the token as a possible portfolio hedge rather than merely a speculative instrument, strengthening the institutional argument for holding it through market cycles.
Bitcoin’s latest rally has paused near $80,000, with prices consolidating after the advance. Mitchnick said the risk-off narrative is “the one to bet on” over the long term. Analysts also pointed to renewed inflows into U.S. spot bitcoin exchange-traded funds and a weakening correlation between bitcoin and equities as constructive signals. Together, those trends suggest institutional demand is returning while the cryptocurrency may be regaining some diversification value during the current consolidation.
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