"The growing concerns in the U.S. and abroad over the state of U.S. federal deficits and debt has increased the appeal of potential alternative reserve assets as a potential hedge against possible future events affecting the U.S. dollar," BlackRock's exchange-traded fund (ETF) chief investment officer, its head of crypto and its head of fixed income global macro wrote in a paper outlining the investment case for bitcoin.

"This is why some have called bitcoin the 2nd amendment of money," Bloomberg Intelligence ETF analyst Eric Balchunas posted to X, adding the U.S. debt pile of $35 trillion that's growing at a clip of $1 trillion every 100 days has "no end in sight."

"This dynamic appears to be also taking hold in other countries where debt accumulation has been significant," the authors of the BlackRock paper added. "In our experience with clients to date, this explains a substantial portion of the recent broadening institutional interest in bitcoin."

...read more at forbes.com