This was announced by BlackRock’s head of digital assets Robbie Mitchnik at the Digital Asset Summit in New York, writes CoinDesk.
The representative of the company noted the high volatility of the market. According to him, the rotation among the top coins is “frighteningly fast”. Leadership for years hold only the first cryptocurrency and ether. Most new projects Mitchnik called “nonsense” that has no long-term value.
Because of this, BlackRock clients have stopped assembling diversified portfolios of multiple tokens. Now capital is concentrated in the main assets, and interest in the rest of the market is falling.
Mitchnik sees artificial intelligence as the new driver of the industry, pointing to a “natural symbiosis” between the two fields.
“AI agents are unlikely to use banking systems like Fedwire or SWIFT. Cryptocurrency is native money for computers, and AI is native data and intelligence,” explained a BlackRock spokesperson.
The market is already reacting to this trend. Mining companies including Hut 8, Core Scientific and IREN are repurposing data centers to create infrastructure for artificial intelligence.
In the face of technological shifts, bitcoin maintains its role as a defensive asset. Mitchnik believes that the first cryptocurrency serves as an excellent diversifier in times of uncertainty.
