BlackRock’s entry into crypto through its bitcoin ETF (and later on the spot ether ETF) has rewritten the record books, driving massive inflows and reshaping the narrative for institutional crypto adoption.
Robbie Mitchnick, head of digital assets at BlackRock, unpacks the story behind this monumental shift. He shares the journey from skepticism to success, how BlackRock’s ETF has changed the market, and the surprises even he didn’t expect.
Plus, he explains why he believes people mistake bitcoin for a risk-on asset, what the investment case is for Ethereum, and what’s next for crypto in 2025.
Show highlights:
- 01:31 What and who is driving this massive amount of activity in bitcoin trading
- 05:05 Why Robbie offers some caution about the future of digital asset regulation
- 08:35 What about crypto captivated Robbie
- 13:32Whether Robbie was the one who “orange pilled” BlackRock CEO Larry Fink
- 14:37 Why Robbie thinks that bitcoin is not a risk-on asset
- 18:08 The backstory of how BlackRock ended up filing for a spot bitcoin ETF
- 20:15 How inflows into ETFs surprised Robbie, even considering fairly optimistic projections
- 24:14 Why BlackRock’s clients always ask about bitcoin’s correlation with other assets
- 27:22 Robbie’s take on the critique that BlackRock could centralize a decentralized ecosystem
- 29:34 What his thesis is on stablecoins, payments, and tokenization
- 31:25 The reasons why Ethereum ETFs have not been as successful as bitcoin
- 34:14 How Robbie pitches the ether ETF to clients
- 35:26 Why BUIDL is built on Ethereum, a public blockchain, rather than on a private one
- 36:48 Why DeFi’s potential is “immense,” according to Robbie
- 41:56 How bitcoin ETF options will impact the behavior of investors
- 43:57 What features BlackRock would love to see under a new SEC regime
- 45:32 What it’ll take for regulators to approve staking in ether ETFs
- 46:33 Why Robbie is not sure which crypto ETFs might come next
- 48:16 Whether BlackRock will develop proof of reserves for its ETFs
- 52:21 Robbie’s outlook for the markets in 2025
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