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BlackRock’s Perspective on Bitcoin in the Financial System
During Reflexivity Research’s Bitcoin Investor Day on March 22, BlackRock, a prominent asset manager, expressed its belief that Bitcoin (BTC) will progressively integrate into the financial system over the next decade. BlackRock’s Head of Digital Assets, Robert Mitchnick, conveyed this message, highlighting the convergence of Bitcoin with traditional financial systems.
Mitchnick emphasized the anticipated fusion of the best aspects of the old financial system with the innovative technology of Bitcoin, leading to the creation of a new infrastructure for finance. He further disclosed that BlackRock’s clients exhibit limited interest in cryptocurrencies apart from Bitcoin and Ethereum (ETH).
According to Mitchnick, Bitcoin holds a predominant position as the top priority for clients, while Ethereum ranks slightly below in priority. Other cryptocurrencies, however, receive minimal attention from clients. Despite industry expectations for a broader range of digital assets, BlackRock remains focused primarily on Bitcoin and Ethereum.
BlackRock’s Involvement in the Crypto Space
BlackRock has established itself as a key player in the realm of spot Bitcoin ETFs. Currently, the company offers the iShares Bitcoin Trust (IBIT), the second-largest spot Bitcoin ETF with $15.85 billion in assets under management (AUM).
In addition to Bitcoin-related products, BlackRock is also pursuing a spot Ethereum ETF, with an application submitted to the SEC. The regulatory decision on ETH ETF applications is anticipated in May.
While BlackRock’s emphasis remains on Bitcoin and Ethereum, recent reports indicate a strategic extension of Bitcoin exposure to other products. Furthermore, the company recently launched a tokenized asset fund supported by USDC on the Ethereum blockchain.
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