BlackRock's head of digital assets, Robert Mitchnick, is challenging the narrative of Bitcoin as a risky asset. The firm has launched the IBIT ETF, which reached $10 billion in weeks, and integrated Bitcoin into model portfolios with a 1-2% allocation. Mitchnick argues that Bitcoin's fundamentals - algorithmic scarcity, decentralization, and lack of state sovereignty - make it more akin to digital gold than a speculative tech stock.