BlackRock Has Been Bullish
on Crypto
for Nearly a
Decade
Robbie Mitchnick, Head of Digital Assets at BlackRock, shared insights into
the firm’s crypto strategy. BlackRock has been developing its approach for
much longer than many might realize.
Mitchnick discussed BlackRock’s journey, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s role as an asset, ETFs, and
the future of digital assets.
A Long Road to Public Adoption
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Mitchnick revealed that BlackRock’s interest in crypto began as early as 2016,
although the firm didn t consider the asset class ready for prime
time at the time. This marked the beginning of BlackRock’s crypto
journey, quietly building capabilities before making larger public moves.
“The evolution really started to accelerate in the 2021-2022 timeframe. There
were three key drivers behind this shift: The infrastructure around the system
started to mature; A growing recognition that crypto was here to stay; A
durable trend of clients showing increasing interest in the space,
Mitchnick noted.
Since this turning point, BlackRock’s involvement in crypto has increased,
especially with the launch of its Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETFs , which Ryan Sean
Adams described as a “Christmas miracle.” Education has played a crucial role
in BlackRock’s strategy, as the firm aims to introduce a largely crypto-naive
audience to the space. BlackRock s Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETF Inflows. Source:
CryptoQuant
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Mitchnick emphasized the need to combat misunderstandings, such as the notion
that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is a risk-on asset. While Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is considered
risky, risk-on assets are typically favored during bull markets. The confusion
around Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin being pitched as digital gold has led to
misconceptions among newcomers.
“If you look at the Silicon Valley Bank• Объект организация » Организации по алфавиту » Организации на Si » Силикон Вэлли Бэнк and regional banking crisis in March
2023, that was probably the clearest example of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin acting as a hedge. The
main reason it stood out was that the crypto research community didn’t have
time to overcomplicate it,” Mitchnick explained.
BlackRock’s focus on education is essential in shifting these perceptions. In
fast-moving markets, vague beliefs can quickly shape market behavior.
Mitchnick also mentioned that BlackRock would soon release an explainer on
risk for their broader client base, while noting that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin tends to be
favored by traders and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum by developers. As for the possibility of a
third ETF approval, he didn’t see a clear frontrunner at the moment.
A Future in Tokenization?
Mitchnick also touched on BlackRock’s view of tokenization , noting that while
the idea of “blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн, not Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin” is fading, “ tokenization , not Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin”
is gaining traction. Although the long-term viability of tokenization remains
uncertain, BlackRock is working on the necessary infrastructure to support it.
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“Our strategy is to provide clients with cheap and easy access to these
markets and to offer technological capabilities. It would be strange if, 10
years from now, we only had seven tokenized funds. It’s more likely we’ll have
none, or many,” Mitchnick stated.
BlackRock s methodical approach to crypto demonstrates the firm’s
commitment to both long-term viability and education. As more clients express
interest, BlackRock is positioning itself as a leader in providing accessible
digital asset investments.
While the future of tokenization and ETFs remains uncertain, BlackRock’s
strategy suggests that the firm will remain a significant player in the
industry, no matter how it shifts.
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