BlackRock believes that Bitcoin (BTC) will become an integral part of the financial system over the next decade as it increasingly merges 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:
“Ultimately, we expect that there will be a convergence where the best of the old system and the new technology will merge into a new infrastructure system in the financial world.”
Mitchnick also revealed that the company’s customers have minimal interest in crypto outside of Bitcoin and Ethereum (ETH).
According to Mitchnick, Bitcoin is “overwhelmingly the top priority” for customers, while Ethereum is “a little bit” prioritized and other cryptocurrencies see “very little” interest.
He added that the company is not focusing 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 because of BlackRock’s leading role in spot Bitcoin ETFs. The company currently offers the iShares Bitcoin Trust (IBIT) – the second largest spot Bitcoin ETF, with $15.85 billion in assets under management (AUM).
BlackRock is also among the companies pursuing a spot Ethereum ETF, which has already filed with 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 cryptocurrencies, but is expanding its focus to Bitcoin and Ethereum. However, recent media reports have revealed that the company plans to add Bitcoin exposure to its other products.
Additionally, reports on March 19 indicate that BlackRock has launched a tokenized asset fund partially funded by USDC on the Ethereum blockchain.
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