Robert Mitchnick, Managing Director and Head of Digital Assets at BlackRock, said Bitcoin’s fundamental investment case is strengthening amid deteriorating US fiscal conditions, with US federal debt now exceeding $40 trillion and annual interest payments approaching $1 trillion. These interest payments account for over 14% of total federal spending, comparable to defense expenditures. Bitcoin hit a peak near $126,000 in October 2025 before dropping approximately 49%, trading near $64,500 by mid-June 2026. Mitchnick highlighted that this cycle differs from previous ones due to participation from the world’s largest traditional asset managers, sovereign wealth funds, and pension allocators, largely thanks to the spot Bitcoin ETFs that launched in early 2024.
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