Jay Jacobs, head of exchange-traded funds and equity funds at BlackRock, predicted that China may turn to Bitcoin and gold amid geopolitical tensions and global economic uncertainty, aiming to diversify its investments away from US bonds. In an interview with CNBC, Jacobs explained that many central banks around the world have already begun diversifying their investment portfolios away from the US dollar, noting that gold and Bitcoin have become increasingly popular alternative assets in recent years.