I sat down with @JayJacobsCFA to break down the impact of the bitcoin ETFs on adoption, why bitcoin's volatility has compressed, and how institutions and everyday investors are approaching digital assets today. We also dig into AI as a macro market force, the entire AI value chain from power to chips to data centers, and where the ETF industry goes from here. YouTube: https://youtu.be/ESF3DZooOLQ?si=r2dJP5aBeXqSHgP0 Apple: https://podcasts.apple.com/us/podcast/blackrock-confirmed-bitcoin-is-here-to-stay-jay-jacobs/id1434060078?i=1000790404263 Spotify: https://open.spotify.com/episode/3ernaFKBgEmdpZ5xfRkGlk?si=GyWFQCQRQDSxa_j-C222qA TIMESTAMPS: 0:00 - Intro 1:11 - Bitcoin ETF's real impact on adoption 3:18 - Why bitcoin's volatility has compressed 6:57 - BlackRock's bitcoin & crypto product strategy 9:13 - In-kind redemptions & borrowing against bitcoin 11:18 - AI as a macro factor & the AI value chain 22:36 - Active vs. passive investing in AI & crypto 26:29 - The rise of independent investors 28:13 - ETFs vs. mutual funds 32:05 - Inside BlackRock's ETF playbook 41:43 - Long-term investing & the generational shift in bitcoin and AI