Jeroen Blokland (Blokland Smart Multi-Asset Fund): Correlation with other asset classes particularly low

Jeroen Blokland (Blokland Smart Multi-Asset Fund): Correlation with other asset classes particularly low

January 23, 2026

Crypto

This text was originally written in Dutch. This is an English translation.

By Esther Waal

The crypto market is rapidly becoming more professional. Following Bitcoin ETFs in 2024, 2025 will bring further regulation and institutional entry. MiCA will create a harmonised supervisory framework, while tokenisation of real-world assets will bring digital and traditional markets closer together. At the same time, questions remain about applications, strategy and positioning within multi-asset portfolios. Reason enough for Financial Investigator to ask Jeroen Blokland, Founder and Manager of Blokland Smart Multi-Asset Fund, a number of questions.

What role can digital assets play within a diversified multi-asset portfolio? And what about the long-term risk-return ratio?

‘I foresee an important role, particularly for bitcoin. Unlike private equity and debt, this is a genuinely different asset class. In other words, the correlation with other asset classes, including equities, is particularly low. For example, the correlation with gold is practically zero, which is also a highly diversified asset class that is virtually absent from traditional investment portfolios. Bitcoin is rapidly developing into a digital asset that stores value, comparable to the analogue storage of gold. In a debt-driven system, in which fiscal dominance is reflected in structurally low interest rates and higher inflation, investors must look for categories that do offer protection against the erosive effect of currency depreciation. Bitcoin is an attractive alternative in this regard. As bitcoin gains a place in the average investment portfolio, the risk steadily decreases, something we have already seen since the approval of US spot Bitcoin ETFs.’

Looking ahead to 2026: which development within the crypto market will have the greatest impact on institutional investors, and why?

‘I repeat what I said in 2025, but which did not come to pass at the time. Customer demand, combined with a solid infrastructure (investment alternatives, custody, regulation), should lead to a normalisation of Bitcoin (and other cryptocurrencies) within the current investment universe. It remains astonishing that employees of traditional asset managers and the like are investing heavily in gold and bitcoin, while access to these asset classes is severely restricted, with some parties not shying away from spreading questionable information about them.’

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