BlackRock: AI is a key driver of the future of the crypto market, and institutions are increasingly focusing on Bitcoin and Ethereum.

PANews reported on March 25th, citing CoinDesk, that Robbie Mitchnick, head of digital assets at BlackRock, stated that institutional investors are increasingly focusing on Bitcoin and Ethereum, believing that most other tokens have short lifecycles and lack long-term value. He pointed out that artificial intelligence is a more important long-term driver than the expansion of new tokens, and that crypto, as a "computer-native currency," has a natural symbiotic relationship with AI's "computer-native data and intelligence."

Mitchnick stated that clients have shifted from broad allocations across a small portfolio to focusing on a few key assets, with Bitcoin and Ethereum dominating allocations and limited interest in other tokens. He also noted that Bitcoin miners are moving into AI-related computing businesses, seeking more stable revenue streams, and that Bitcoin can serve as a diversification option amidst the AI-driven transformation.