Bitcoin gained nearly 6% after BlackRock, the world’s largest asset manager, published a report highlighting Bitcoin’s potential as a hedge against currency and geopolitical risks.

This report published by BlackRock states that Bitcoin is a “unique diversifier” for investors. Stating that it has a structure independent of traditional financial and geopolitical risks, the report emphasizes that Bitcoin’s decentralized and permissionless structure is an important feature that distinguishes it from traditional monetary systems.

The report describes Bitcoin as the world’s first “truly open access monetary system.”

Shortly before the report was made public, the price of Bitcoin hit bottom. However, immediately after the report was shared, Bitcoin began to recover rapidly from its daily low of $59,354. Since then, Bitcoin price has regained the $62,600 level, up more than 5.7%. This increase was Bitcoin’s highest price level in the last three weeks.

Some analysts predict that a three-month rally in Bitcoin price starting in October could push the price up to the $92,000 level. These predictions are based on Bitcoin’s historical chart patterns and average monthly returns in the fourth quarter. The rapid recovery of the Bitcoin price has reinforced investors’ confidence in this digital asset.

BlackRock’s report also states that Bitcoin does not carry “traditional counterparty risk”, meaning it is not dependent on centralized systems. This makes Bitcoin an asset that is largely independent of macroeconomic risks such as banking system crises, sovereign debt crises, currency depreciation and geopolitical disruption.

According to BlackRock’s analysis, Bitcoin’s resilience could lead to greater adoption as a hedge against such global risks.

The report, which analyzes Bitcoin’s past performance, shows that Bitcoin returns outperform the S&P 500 index and gold prices during major geopolitical events. BlackRock emphasizes that Bitcoin stands out as a more reliable investment tool during such events.

BlackRock’s report predicts that Bitcoin’s long-term adoption will depend on the level of global macroeconomic and geopolitical concerns.

The report states that factors such as global monetary instability, geopolitical disharmony, financial sustainability and political stability of the USA will determine the speed of Bitcoin adoption.

It is stated that if concerns about these factors increase, Bitcoin may attract more investors as a safe haven.

As the issuer of the world’s largest Bitcoin exchange-traded fund (ETF), BlackRock is one of the largest players in the Bitcoin market. This ETF, which holds over $21.4 billion in Bitcoin, commands over 38% of the Bitcoin ETF market.

This report from BlackRock indicates that Bitcoin may gain wider acceptance as a safe investment tool independent of traditional financial systems.