Overview
- BlackRock’s head of digital assets, Robbie Mitchnick, told a New York industry summit that large clients now concentrate allocations in bitcoin and ether.
- He said most newer tokens fail to hold relevance over time and called the majority of them “nonsense.”
- Mitchnick argued that artificial intelligence will be the stronger long-term force for digital assets, casting crypto as “computer-native money” that fits machine-to-machine payments better than bank rails like Fedwire or SWIFT.
- Market behavior reflects that view as listed bitcoin miners such as Hut 8, Core Scientific, and Iren repurpose data centers to run AI and high‑performance computing for steadier fee income.
- CoinCentral added that CEO Larry Fink’s latest annual letter urged sustained investment in AI infrastructure, reinforcing the push toward crypto as market plumbing rather than a broad token bet.