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Bitcoin is not really a “risk-on asset” – it is, instead, more like digital gold, says Robert Mitchnick of BlackRock Inc.

Mitchnick agrees the world’s largest cryptocurrency does sometimes act similar to a high-risk tech stocks. But it’s now how it usually trades, he told the audience at the Bitcoin Investor Day conference last week.

Historically, Bitcoin’s long-term average correlation to stocks has been close to zero. It has had periods where it’s spiked, similar to gold. If you put their correlation charts in a time series, they look remarkably similar.

The iShares Bitcoin Trust of BlackRock has so far invited over $8.0 billion worth of investments which signals strong demand for the cryptocurrency that may continue to push its price up in the coming months.

And if it does, chances are that it will pull a bunch of other cryptocurrencies including perhaps the recently launched Bitbot with it as well.

Bitbot is a Telegram trading bot that brings two of the fastest growing markets together: artificial intelligence and blockchain.

It has a native token of its own of the same name that offers more affordable means of potentially benefitting from the continued rally in Bitcoin this year.

But that doesn’t mean Bitbot lacks utility at all. In fact, it’s an AI enabled platform that brings institutional grade tools to the retail investors in pursuit of taking advantage of the expected strength in financial markets in 2024.

Bitbot trumps a bunch of its peers as it’s a non-custodial trading both which for investors mean added security. Click here to find out more about this AI based crypto project and its native crypto token.

Bitbot coin looks like a lucrative investment considering the fast pace at which artificial intelligence and the crypto market is expected to grow in the coming years.

Statista forecasts the former to expand at a compound annualised growth rate of nearly 16% moving forward while the latter it expects will grow at close to 9.0%.

Bitbot is a more pocket-friendly way of taking advantage of the expected strength in the crypto market because it’s priced at $0.0134 only. Still, the native token has raised over $1.4 million in its ongoing presale – talk about solid demand.

After the presale, Bitbot may list its namesake coin on a crypto exchange which may unlock further demand and price appreciation. Interested in finding out more about the Bitbot token? Click here to visit its website now.

It is worth mentioning here that there are ways to make money with Bitbot other than using its trading bot to maximise returns out of the financial markets or investing and waiting for the price of its native token to increase.

For example, Bitbot plans on using a portion of what it raises via the presale to host competitions. Participating in winning these may offer lucrative rewards and exciting prizes as well.  

Lastly, the U.S. Federal Reserve recently signalled three rate cuts this year (read more). That may be another tailwind for Bitbot as lower rates tend to increase investors’ appetite for the risk-on assets like cryptocurrencies.

Investing in Bitbot is easy and can be done in a few simple steps. Visit the website on this link to know more about it.

The post Is Bitbot a buy after BlackRock dubbed BTC not a 'risk-on' asset? appeared first on Invezz

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