In a fireside chat today at the Bitcoin Investor Day by Reflexivity Research, Robert Mitchnick, the Head of Digital Assets at BlackRock, shared insights into the asset manager’s approach to Bitcoin, cryptocurrencies and the future of the crypto market.
Mitchnick emphasized that Bitcoin remains, overwhelmingly, the top priority for BlackRock’s clients, with minimal interest in other cryptocurrencies. He highlighted that the crypto community desires a broader range of crypto products from BlackRock, but the company’s focus remains on Bitcoin.
?NEW: @BlackRock’s Head of Digital Assets Robert Mitchnick addresses how the asset manager is thinking about other #crypto products:
“For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit ethereum, and very little everything else.”
He says…
— Eleanor Terrett (@EleanorTerrett) March 22, 2024
Regarding the future of Bitcoin on Wall Street, Mitchnick expressed optimism about a convergence between traditional finance and new technological advancements, stating, “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.”
Earlier this year, the United States Securities and Exchange Commission approved a batch of spot Bitcoin Exchange Traded Funds (ETFs), including BlackRock’s application. Since then, their ETF has gone on to be one of the most successful ETF launches in history. BlackRock’s spot Bitcoin ETF $IBIT has seen net inflows for the last 49 days straight, something only 30 other ETFs have ever done, according to Bloomberg Senior ETF Analyst Eric Balchunas.
$IBIT and $FBTC have now taken in cash for 49 straight days, something only 30 other ETFs have ever done (and none of them did it right out of gate). Among active streaks they 4th after $COWZ $CALF (which are over 100 days, damn) and $SDVY. Great chart from @thetrinianalyst pic.twitter.com/CUxFNFa7tN
— Eric Balchunas (@EricBalchunas) March 22, 2024