BlackRock clients view Bitcoin as 'overwhelmingly' top cryptocurrency investment option

BlackRock is not very interested in exploring cryptocurrency investment options other than Bitcoin and Ethereum, according to the company’s head of digital assets.

Bitcoin is the preferred cryptocurrency investment among BlackRock clients, with relatively little interest in other cryptocurrencies, according to Robert Mitchnick, the firm’s head of digital assets.

The representative’s proposition raises important considerations for the blockchain industry. Many people are expecting the world’s largest asset management company to introduce more types of crypto assets into the traditional financial field.

BlackRock Customers Love Bitcoin

According to a report by Fox Business Channel reporter Eleanor Terrett, Mitchnick pointed out that Bitcoin has become the first choice of BlackRock’s customer base in the form of “absolute advantage”.

Mitchnick added during Friday’s Bitcoin Investor Day conference that there was little else besides a little bit of Ethereum. This is a conference that brings together institutional capital allocators interested in Bitcoin.

While he acknowledged that the crypto community would like BlackRock to adopt other coins, he said “that’s not our focus.”

On January 11, BlackRock launched the U.S. Bitcoin Spot ETF along with nine other providers. Since that day, the iShares Bitcoin Trust (IBIT) quickly attracted $13.3 billion in inflows, making it the most successful ETF to date. This success solidified its status as one of the most successful ETF offerings in history.

When asked about Bitcoin’s role on Wall Street a decade from now, Mitchnick said:

“Ultimately, we expect that the benefits of older systems and new technologies will be merged into new financial infrastructure systems.”

What Wall Street thinks about Ethereum

The asset manager has also filed to launch an Ethereum spot ETF, following rivals like Grayscale and Fidelity. However, due to a lack of regulatory response to its application and recent investigations into the Ethereum Foundation, analysts predict that the application will not be approved anytime soon.

Even if approved, experts are skeptical that an Ethereum ETF will gain as much traction as its Bitcoin-based equivalent.

“Compared to spot Bitcoin ETFs, this is peanuts,” Bloomberg ETF analyst Eric Balchunas said of the issue earlier this month. "It's like the opening act after the big names."

A survey released by Bitwise in January found that 71% of investment advisors preferred Bitcoin to Ethereum.

That said, BlackRock has shown strong interest in real assets on the blockchain and plans to launch an institutional-focused tokenized asset fund in partnership with Securitize.

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