The Bitcoin Conference, which has been eagerly awaited for weeks, started yesterday in Nashville, USA. Robert Mitchnick, director of digital assets at BlackRock, the world’s largest fund management company, was among those attending the conference.

‘It’s just not close to being at that threshold’

Answering the questions of James Seyffart, Bloomberg’s ETF analyst, on the main stage, Robert Mitchnick stated that he did not have many expectations about crypto ETFs:

“I don’t think we’re going to see a long list of crypto ETFs. If you think of bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.”

‘SEC wants a certain limit’

Stating that the SEC does not want to exceed certain limits on ETFs, the executive used the following statements:

“We cannot see a clear regulation from the regulators, but the SEC clearly shows that it wants to draw a line somewhere. For example, they did not want staking in Ether spot ETFs.

‘The ultra-rich also began to understand’

Mitchnick, who is touted as ‘the person who gave Larry Fink the “orange pill”’, stated that we are still in the very early stages in cryptocurrencies, especially the ultra-rich investor group has begun to understand the value of Bitcoin:

“We have a long way to go. The main investor group still invests 2% to 3% of their assets in the IBIT fund. Bitcoin is a different instrument than stocks and other fixed income assets. It appeals to a wide range of investors, from retail to the ultra-rich. Those big rich people have now started to realise the value of Bitcoin. But as I said, we have a long way to go…”