BlackRock sees Bitcoin as integral part of financial system – little interest in other crypto BlackRock sees Bitcoin as integral part of financial system – little interest in other crypto
Mitchnick said that BlackRock expects Bitcoin to become an integral part of the financial system in the coming decade.
1 min read
Updated: Mar. 22, 2024 at 9:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,346.45
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
