During a fireside chat today at Bitcoin Investor Day by Reflexivity ResearchRobert Mitchnick, Head of Digital Assets at BlackRock, shared his views on the asset manager's approach to Bitcoin, cryptocurrencies and the future of the crypto market.
Mitchnick emphasized that Bitcoin remains, overwhelmingly, the top priority of BlackRock clients, with minimal interest in other cryptocurrencies. He emphasized that the crypto community wants a broader range of crypto products from BlackRock, but that the company remains focused on Bitcoin.
🚨NEW: @Roche noirRobert Mitchnick, Head of Digital Assets, Explains How the Asset Manager Thinks About Others #crypto some products:
“For our customers, Bitcoin is the number one priority for the majority. And then a little 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, saying: “Eventually, we expect there to be a convergence where the best of the old system and the new technology will be merged into one. new infrastructure system in the financial field.
Earlier this year, the U.S. Securities and Exchange Commission approved a batch of spot Bitcoin exchange-traded funds (ETFs), including BlackRock's application. Since then, their ETF has become one of the most successful ETF launches in history. BlackRock's $IBIT Bitcoin ETF has seen net inflows for the last 49 consecutive days, something only 30 other ETFs have ever done, according to Eric Balchunas, senior ETF analyst at Bloomberg.
$IBIT And $FBTC have now taken in cash for 49 consecutive days, something only 30 other ETFs have ever done (and none of them did it in the first place). Among the active sequences, they are 4th after $COWZ $VEAL (which last over 100 days, damn it) and $SDVY. Superb painting of @thetrinianalyst pic.twitter.com/CUxFNFa7tN
– Eric Balchunas (@EricBalchunas) March 22, 2024