BlackRock: 'Institutions concentrating on Bitcoin (BTC) and Ethereum (ETH)… most tokens are meaningless'
Summary
- BlackRock said institutional investors’ digital-asset investment flows are being reshaped around Bitcoin (BTC) and Ethereum (ETH).
- BlackRock said institutions are focusing on a handful of assets rather than broad portfolios, and that interest in other tokens is minimal.
- BlackRock said most tokens are short-lived and useless, and that the key driver going forward is not new tokens but artificial intelligence (AI).
Forecast Trend Report by Period
BlackRock said institutional investors’ digital-asset (crypto) allocations are being reshaped around Bitcoin (BTC) and Ethereum (ETH).
According to digital-asset news outlet CoinDesk on the 24th (local time), Robbie Mitchnick, BlackRock’s head of digital assets, said at the Digital Asset Summit, “Institutions are now focusing on a handful of assets rather than broad portfolios,” adding, “Bitcoin and Ethereum are leading this, and interest in other tokens is minimal.”
He added, “Most tokens are considered short-lived and useless,” and said, “A substantial number are closer to being fanciful.”
He also said, “The key driver going forward is not new tokens but artificial intelligence (AI),” explaining that “digital assets are money for computers, while AI is data and intelligence for computers—making them naturally symbiotic.”
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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