Asset manager BlackRock (BLK) says that artificial intelligence (A.I.) could prove to be a catalyst for digital assets and drive the next bull run in cryptocurrencies such as Bitcoin (BTC).
Robbie Mitchnick, head of digital assets at BlackRock, says there’s been a shift in how investors view crypto and that A.I. could be more of a future price driver than the expansion of tokens.
Speaking about client behavior, Mitchnick said investors are moving away from smaller cryptocurrencies, with only Bitcoin and Ethereum (ETH) maintaining consistent positions.
At the Digital Asset Summit in New York, the BlackRock executive said that Bitcoin and Ethereum dominate the crypto space, with limited interest beyond those two names.
Mitchnick pointed to A.I. as a significant force shaping crypto’s future. He stressed that A.I. is now a large theme for digital assets.
“What is crypto? Crypto is computer-native money… A.I. is computer-native data and intelligence. And so, there’s a natural symbiosis there,” he said.
Mitchnick added that crypto is less a speculative asset class and more infrastructure.
He notes that a number of Bitcoin miners have begun shifting resources toward A.I. workloads, drawn by steadier revenue and rising demand for computing power.
Several Bitcoin miners, including Hut 8 (HUT) and Core Scientific (CORZ), are either repurposing data centres or signing hosting deals tied to A.I. and high-performance computing.
Mitchnick also linked A.I.-driven disruptions to Bitcoin’s long-term appeal. As new technologies create uncertainty, Bitcoin can serve as a stabilizing force, he said.
Bitcoin is currently trading at $71,250 U.S. BlackRock’s stock has gained 0.27% over the past 12 months to trade at $976.06 U.S. per share.
