BlackRock and Fidelity doubling down on Bitcoin sparks debate on safety vs. cash

As institutional giants like BlackRock and Fidelity step into the cryptocurrency space, Roundtable anchor Rob Nelson led a discussion with David Packham, CEO of Chintai, David Gokhshtein, CEO of Gokhshtein Media, and Jon Najarian, founder of Market Rebellion.

Nelson opened the conversation by stating, "If you want some security, you've got BlackRock on your right, Fidelity on your left." However, he acknowledged that "telling people to calm down around investing is never an easy thing."

David Packham commented on Bitcoin's volatility, saying, "There's general uncertainty around its future place in the global financial system." He compared it to Nvidia's situation, where "fundamentals related to its business model AI" drove price discovery. For long-term investors, Packham assured, "The rest of us who are multi-cycle are obviously not watching the price."

For the most part this year, inflows into Bitcoin ETFs have continued to rise despite shakiness in prices this summer. That trend has seemingly broken down recently as traditional markets have also started to show some softness ahead of the first potential Fed rate cut since March 2020. Bitcoin ETF flows marked their fifth consecutive day of outflows on Tuesday, totaling nearly $288 million .

David Gokhshtein added a bold perspective, stating, "I'd be more scared to be in fiat than to be in Bitcoin." Jon Najarian echoed that view, highlighting that the risk of more inflation isn't out the door yet, despite a continued slowing this year.

"You can't print more Bitcoin," unlike fiat currencies. He highlighted the fact that "$8 trillion worth of U.S. dollars" had been printed, which impacts the dollar's value but not Bitcoin's.