BlackRock Sees 'Very Little Interest” in Cryptocurrencies Beyond Bitcoin (BTC) and Ethereum (ETH)

At the Bitcoin 2024 conference in Nashville, Tennessee, BlackRock’s head of digital assets, Robert Mitchnick, revealed that the asset management giant sees “very little interest” among its clients in cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH).

BlackRock’s head of digital assets, Robert Mitchnick, has revealed that the asset management giant observes “very little interest” among its clients in cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH).

Mitchnick's comments came during a panel titled “From Strategy to Innovation: BlackRock's Bitcoin Journey” at the Bitcoin 2024 conference in Nashville, Tennessee, on July 25.

“I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there's very little interest today beyond those two,” the executive stated.

He further noted that BlackRock does not anticipate a significant expansion of crypto exchange-traded funds (ETFs) beyond these core digital assets.

BlackRock's initial foray into crypto ETFs saw the launch of the iShares Bitcoin Trust and iShares Ethereum Trust ETF in January and July, respectively.

Despite this cautious stance, other asset managers remain optimistic about the future of cryptocurrency ETFs, including the potential introduction of a Solana product.

“Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward,” Franklin Templeton recently wrote in a social media post.

Mitchnick also highlighted that most of BlackRock's clients view BTC and ETH as complementary assets rather than competitors.

According to the executive, when clients invest in ETH ETFs, it usually serves to supplement their existing crypto portfolio rather than replace their BTC holdings.

However, he noted that data on investor flows into ETH ETFs, which only began trading on July 23, is still limited.

“The whole store of value use case within crypto is pretty definitively territory that Bitcoin owns,” Mitchnick explained. “ETH is trying to do a bunch of different applications that for the most part, Bitcoin is not trying to do. So, really, they're more complements than they are competitors or substitutes.”

Mitchnick went on to predict that investors will eventually allocate around 20% of their crypto holdings to ETH, with the remaining majority going to BTC.

The conference will also see former President Donald Trump, who has recently positioned himself as a pro-crypto candidate, participate in the event.

Trump will deliver a keynote address and host a campaign fundraiser in Nashville, where he is expected to highlight his support for the crypto industry.

According to CNBC, Trump's campaign has raised over $4 million from digital token contributions, including Bitcoin, Ethereum, Ripple's XRP, and the U.S. dollar-pegged stablecoin USDC.

Among the notable contributors are crypto billionaire twins Tyler and Cameron Winklevoss, who each donated over $1 million in Bitcoin.

Trump's campaign has largely converted these contributions to USDC for liquidity.

“Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats. While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies,” a Trump campaign aide, Brian Hughes, stated.

Trump's recent actions and statements indicate his commitment to protecting the rights of crypto users and promoting a more favorable regulatory landscape for the industry.

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