Bitcoin's recent rise is closely linked to concerns over the United States' $40 trillion federal debt, according to Robbie Mitchnick, BlackRock's head of digital assets. Federal debt crossed $40 trillion on August 18, doubling from 2017, while interest costs approached $1 trillion and exceeded 14% of total federal spending. Mitchnick said debt and deficit levels are a major market concern, prompting investors to view Bitcoin and gold as hedges. Bitcoin posted its strongest three-day gain since 2023 last week but is currently trading below $80,000. He also said the CLARITY Act, a U.S. crypto-market legislation, would have less impact on Bitcoin than on other areas of crypto because Bitcoin has already gained broad regulatory recognition.