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With geopolitical tensions on the rise, gold and Bitcoin are gaining strength as new stores of value, according to a BlackRock executive.
The global economic landscape may be about to change: According to Jay Jacobs, head of thematics and active ETFs at BlackRock, China and other central banks are reconsidering their reliance on U.S. Treasuries. In a recent interview with CNBC, the executive said that alternatives such as gold and Bitcoin are gaining ground as stores of value.
According to Jacobs, the diversification process began about three to four years ago, but has been accelerated recently by geopolitical tensions and growing fragmentation in international economic relations. “This whole diversification away from traditional assets and into things like gold and also crypto probably started three or four years ago,” the BlackRock executive said.
China rethinks reserve strategies amid global fragmentation
China, the largest foreign holder of U.S. Treasuries, is among the countries leading the charge. According to Jacobs, one of the main factors driving the shift was the freezing of approximately $300 billion in assets by the Russian central bank following the 2022 invasion of Ukraine.
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The episode has raised concerns among several governments about the safety of holding large reserves in US dollar-denominated assets. The response, according to Jacobs, has been to seek safer alternatives that are less exposed to sanctions or unilateral blockades. In this context, assets such as gold and Bitcoin are gaining relevance.
Bitcoin and gold gain prominence amid trade war
The move by central banks comes in parallel with the worsening trade war between the United States and China. tariffs imposed by the USA and retaliatory measures taken by China have contributed to increasing uncertainty in global markets. According to Jacobs, this environment of instability is fueling the search for assets that are not correlated to traditional markets.
“We’ve seen significant flows into gold ETFs. We’ve seen significant flows into Bitcoin. And all of that is because people are looking for those assets that behave differently,” he explained.
Gold, traditionally seen as a safe haven in times of crisis, has once again attracted strong investment. Bitcoin, which was initially viewed with suspicion by large institutions, is beginning to be seen as an alternative store of value, especially in highly volatile scenarios.
Bitcoin decouples from US stocks
In addition to Jacobs’s speech, other analysts have also observed changes in Bitcoin’s behavior in relation to traditional US assets. Alex Svanevik, CEO of the Nansen platform, recently highlighted that Bitcoin is becoming “less Nasdaq, more gold”, in reference to the cryptocurrency’s lower correlation with the stock market.
QCP Capital, in a note released on April 21, reinforced this perception by stating that Bitcoin and gold are sharing the spotlight as hedges against macroeconomic uncertainties. The company highlighted that, even amid falling stocks and the ongoing tariff war between the US and China, Bitcoin has shown resilience and could gain more space as an institutional asset.
Geopolitical fragmentation as a long-term trend
During the interview, Jacobs described geopolitical fragmentation as a “megaforce” that will shape markets for decades to come. He said central banks’ search for alternative assets to the dollar, such as gold and Bitcoin, is just the beginning of a broader process of reorganizing global reserves.
As the trade war between China and the United States continues to increase uncertainty, the trend is for more and more countries to opt for diversification strategies to protect their economies from external shocks and possible sanctions.
This new dynamic, according to analysts, could redesign the international financial system and boost the growth of assets that were previously considered marginal, such as Bitcoin.
Source: TradingView
