Robbie Mitchnick, Head of Digital Assets for BlackRock, shares insights on the firm's groundbreaking entry into the crypto market. He discusses the surprising inflows from Bitcoin ETFs and how they’ve shifted institutional perceptions. Mitchnick delves into why he sees Bitcoin as more than just a risk-on asset and offers a unique investment thesis on Ethereum. He also addresses concerns about regulation and the balance between BlackRock's centralization and the decentralized crypto ethos, providing a compelling view of the future.
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insights INSIGHT
Bitcoin Activity Drivers
Recent Bitcoin activity is driven by US election implications and a lack of structural selling pressure.
This differs from earlier in 2024 when bankruptcies drove constant selling.
question_answer ANECDOTE
Robbie's Crypto Journey
Robbie Mitchnick's crypto journey began with a 2017 Ripple internship during XRP's price surge.
This led him to BlackRock in 2018 as the first full-time digital asset employee.
insights INSIGHT
Bitcoin's Risk Profile
Bitcoin is risky but not "risk-on", meaning its risks differ from those driving equities and bonds.
This distinction is crucial for investor understanding and adoption, shifting the question from "too risky?" to "risky not to own?"
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Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze
Laura Shin
The Cryptopians delves into the story of idealists, technologists, and opportunists fighting to bring cryptocurrency to the masses. The book focuses on the founding of Ethereum by Vitalik Buterin and the subsequent crypto fever it created. It introduces readers to larger-than-life characters such as Buterin, Charles Hoskinson, and Joe Lubin, highlighting the personal and professional conflicts that shaped the early days of Ethereum. The narrative explores the booms, busts, and internecine wars within the crypto world, revealing it as a deeply personal struggle to influence the coming revolution in money, culture, and power.
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
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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