BlackRock: Interest in Cryptocurrencies Limited to Bitcoin and Ethereum

Robert Mitchnick, head of BlackRock's digital assets division, stated at the Bitcoin 2024 conference in Nashville that client interest in cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH) remains quite limited.

He emphasized that BlackRock does not anticipate a significant increase in the number of exchange-traded funds (ETFs) based on other digital assets.

Mitchnick noted that the company's client base shows the most interest in Bitcoin, with Ethereum being the second most popular. Despite this, other companies, such as Franklin Templeton, are more optimistic about the future of cryptocurrency ETFs, including products based on Solana. They believe that there are other important cryptocurrencies beyond BTC and ETH that can drive the market forward.

Mitchnick also mentioned that most BlackRock clients view BTC and ETH as complementary assets. He predicts that in the future, investors may allocate around 20% of their cryptocurrency holdings to Ethereum, with the remainder in Bitcoin. BlackRock's cryptocurrency ETFs have already gained widespread recognition: the iShares Bitcoin Trust (IBIT) manages assets worth around $22 billion, and the newly launched iShares Ethereum Trust ETF (ETHA) quickly gained popularity, reaching nearly $270 million in just a few days.