BlackRock exec says AI boom is reducing crypto's appeal

The ongoing boom in artificial intelligence is weighing on the investment appeal of Bitcoin (BTC) and the broader cryptocurrency market, according to Robbie Mitchnick, BlackRock's Head of Digital Assets. Watcher.Guru reported that Mitchnick noted a massive flow of capital into AI-related assets since 2025, leading investors to apply stricter scrutiny to assets not directly tied to the sector. He suggested this trend is linked to the sluggish performance of the crypto market since October of last year, as AI-related momentum absorbs global market interest and capital. Mitchnick added that so far this year, AI-related stocks have outperformed BTC, despite the burden of capital expenditures (CAPEX).