BlackRock Head of Digital Assets Talks About Exploring Cryptocurrency
In New York City, investors and crypto bulls are convening for Bitcoin Investor Day. Robbie Mitnik, the Head of Digital Assets at BlackRock, was interviewed by Yahoo Finance’s Brad Smith. Mitnik discussed how BlackRock is exploring and looking at Bitcoin and cryptocurrency.
Multi-Year Journey of BlackRock for Exploring Digital Assets
According to Mitnik, the exploration of Bitcoin and cryptocurrency by BlackRock started back in 2016 and has been a multi-year journey for the company. Their strategy has evolved with the growth of the asset class, development of infrastructure and regulatory environment, and increasing interest and focus of clients.
Education and Discussions with Clients
Mitnik said that BlackRock’s clients are at all stages of the journey with some having positions in multiple crypto assets, while others are new to the topic. BlackRock holds discussions with clients to provide market perspectives, portfolio construction and risk management, and fundamental and technology education.
Interest of Clients in Bitcoin and Cryptocurrency
Mitnik stated that investors are choosing to invest in Bitcoin using ETFs and other investment vehicles because of the potential returns and opportunity to diversify their portfolios. Clients are focused on understanding risks, upside and downside potentials, portfolio construction, and how Bitcoin fits into a diversified portfolio context.
Looking Forward to Crypto’s Inflection Point
Mitnik believes that there will not be any one specific inflection point for Bitcoin and cryptocurrency. Instead, the asset class will continue to evolve as more clients, investors, and institutions explore and gain comfort with digital assets.
Hot Take: BlackRock’s Exploration of Cryptocurrency Will Continue
BlackRock’s decision to explore Bitcoin and cryptocurrency has been a multi-year journey, and they have evolved their strategy with the growth and evolution of the asset class. BlackRock is actively engaging with clients at all stages of the journey in providing education and discussions on portfolio construction, risk management, and fundamental and technology education. As more investors and institutions explore and gain comfort with digital assets, the evolution of the asset class will continue.
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