In an informal chat today at the bitcoin Investor Day by Reflexivity ResearchRobert Mitchnick, Head of Digital Assets at BlackRock, shared his thoughts on the asset manager's approach to bitcoin, cryptocurrencies, and the future of the cryptocurrency market.
Mitchnick emphasized that bitcoin remains overwhelmingly the top priority for BlackRock clients, with minimal interest in other cryptocurrencies. He highlighted that the crypto community wants a broader range of crypto products from BlackRock, but the company's focus remains bitcoin.
NEW: @BlackRockRobert Mitchnick's Head of Digital Assets Addresses How the Asset Manager Thinks About Others crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto products:
“For our customers, bitcoin is overwhelmingly the number one priority. And then a little bit of ethereum and very little of 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 advances, stating: “Over time, we hope there will be a convergence where the best of the old system and the new technology merge into a new financial infrastructure system.”
Earlier this year, the United States Securities and Exchange Commission approved a batch of spot bitcoin exchange-traded funds (ETFs), including BlackRock's application. Their ETF has since become one of the most successful ETF launches in history. BlackRock's $IBIT Spot bitcoin ETF has seen net inflows for the past 49 consecutive days, something only 30 other ETFs have ever done, according to Bloomberg Senior ETF Analyst Eric Balchunas.
$IR and $FBTC They have now received cash for 49 days in a row, something only 30 other ETFs have done (and none of them did in the first place). Among active streaks they occupy fourth place after $COWZ $VEAL (which is more than 100 days, damn) and $SDVY. Great graph @thetrinianalyst pic.twitter.com/CUxFNFa7tN
– Eric Balchunas (@EricBalchunas) March 22, 2024
