BlackRock believes that Bitcoin (BTC) will become an integral part of the financial system over the coming decade as it increasingly melds with the best parts of the traditional financial system.
The asset manager’s Head of Digital Assets, Robert Mitchnick, made the statement during Reflexivity Research’s Bitcoin Investor Day on March 22. FOX Business reporter Eleanor Terrett reported his comments via X.
Mitchnick said:
“Eventually we expect there will be a convergence where the best of the old system and the new technology will become fused into a new infrastructure system in finance.”
Mitchnick also revealed that the company’s clients have minimal interest in crypto beyond Bitcoin and Ethereum (ETH).
According to Mitchnick, Bitcoin is “overwhelmingly the number one priority” for clients, while Ethereum receives a “little bit” of priority and other crypto see “very little” interest.
He added that the company is not focused on other digital assets despite the crypto industry’s desire to see a “long tail” of such products.
BlackRock’s Crypto Journey
Mitchnick’s position is relevant due to BlackRock’s lead role in spot Bitcoin ETFs. The company currently offers the iShares Bitcoin Trust (IBIT) — the second-largest spot Bitcoin ETF, boasting $15.85 billion in assets under management (AUM).
BlackRock is also one of the firms pursuing a spot Ethereum ETF, with an application already submitted to the SEC. The regulator is expected to make a decision on the ETH ETF applications in May.
BlackRock has limited plans to support products for other crypto, it is expanding its focus on Bitcoin and Ethereum. However, recent media reports revealed that the firm plans to add Bitcoin exposure to its other products.
Reports from March 19 additionally indicate that BlackRock launched a tokenized asset fund that is in part funded by USDC on the Ethereum blockchain.
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