BlackRock exec says institutions focus on BTC, ETH, view other tokens as useless hype

Robert Mitchnick, BlackRock's head of digital assets, said that institutional investors are increasingly focusing on Bitcoin and Ethereum, viewing most other tokens as short-lived, useless, and "mostly just hype." Speaking at the Digital Asset Summit, Mitchnick noted that clients are concentrating on a few assets rather than building broad portfolios, with Bitcoin and Ethereum leading the way and minimal interest elsewhere, CoinDesk reported. He added that artificial intelligence (AI) is a more significant driver than new tokens. Mitchnick explained that a natural symbiotic relationship exists between the two, as cryptocurrency is the native currency of computers, while AI represents their native data and intelligence.