November 15, 2024

How BlackRock, the World's Largest Asset Manager, Took Crypto Mainstream - Ep. 735

1 hour 8 minutes

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

Thank you to our sponsors!

Polkadot

Mantle’s FBTC

Guest:

Robbie Mitchnick, Head of Digital Assets for BlackRockLinks

Previous coverage of Unchained on Bitcoin ETFs:

Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto

How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years

Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access

How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock

Unchained: BlackRock’s Spot Bitcoin ETF Eclipses Firm’s Gold ETF in Net Assets

CNBC: BlackRock CEO Larry Fink: I believe bitcoin is a legit financial instrument

CoinDesk: BlackRock Sees Sovereign Wealth Funds, Pensions Coming to Bitcoin ETFs

Forbes: A Trump U.S. Strategic Bitcoin Reserve ‘Game-Changer’ Is Suddenly Hurtling Toward The Bitcoin Price

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By Laura Shin

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