In a friendly conversation today at Bitcoin Investor Day by Reflexivity Research, Robert Mitchnick, Head of Digital Assets at BlackRock, shared insights into the asset manager's approach to Bitcoin, cryptocurrencies, and the future of the cryptocurrency market.
Mitnick stressed that bitcoin remains, overwhelmingly, the top priority for BlackRock clients, with minimal interest in other cryptocurrencies. He stressed that the cryptocurrency community wants a wide range of cryptocurrency products from BlackRock, but the company's focus remains on Bitcoin.
🚨New: @Black stoneHead of Digital Assets at Robert Mitchnick examines how an asset manager thinks about others #encryption products:
“For our clients, bitcoin is overwhelmingly the number one priority. Then a little bit of ethereum, and very little of everything else.
He says…
-Eleanor Terret (@EleanorTerrett) March 22, 2024
Regarding the future of Bitcoin on Wall Street, Mitchnick expressed optimism about the convergence between traditional finance and new technological advances, saying: “Eventually we expect there will be a convergence where the best of the old system and new technology will be integrated into the new infrastructure system in finance.
Earlier this year, the US Securities and Exchange Commission approved a group of Bitcoin exchange-traded funds (ETFs), including BlackRock's application. Since then, its ETFs have become one of the most successful ETFs launched in history. BlackRock's Bitcoin ETF $IBIT has seen net inflows for the past 49 straight days, which only 30 other ETFs have ever done, according to Bloomberg Senior ETF Analyst Eric Balchunas.
$ goes And $FBTC It's now had cash for 49 straight days, which only 30 other ETFs have done (and none of them did right out of the gate). Among active lines they ranked fourth next $ cuz $calf (Which are over 100 days, dammit) and $SDVY. Great scheme from @thetrinianalyst pic.twitter.com/CUxFNFa7tN
– Eric Balchunas (@EricBalchunas) March 22, 2024
