BlackRock sees AI driving crypto’s next bull phase as altcoin interest fades

The asset management giant's Robbie Mitchnic said clients are focused on bitcoin, ether and only a few other tokens, and aren't looking for broad exposure. Rather, they see opportunity for crypto in artificial intelligence. What to know : BlackRock’s head of digital assets, Robbie Mitchnick, said institutional investors are increasingly concentrating on bitcoin and ether, viewing most other tokens as short-lived and largely “nonsense.” Mitchnick argued that artificial intelligence is a more powerful long-term force than the proliferation of new cryptocurrencies, with crypto serving as “computer-native money” that naturally complements AI’s “computer-native data and intelligence.” He framed crypto less as a speculative asset and more as infrastructure for the AI economy, noting that bitcoin miners are pivoting toward AI-related computing and that bitcoin may act as a diversifier amid AI-driven disruption.