Major investors are shunning a wide range of altcoins in favor of Bitcoin, Ethereum, and AI technologies. This was stated by Robbie Mitchnick, head of digital assets at BlackRock, during the Digital Asset Summit in New York, as reported by CoinDesk.
The company representative noted the high volatility of the market. According to him, the rotation among top coins is happening "frighteningly quickly." Only the first cryptocurrency and Ethereum have maintained their leadership for years. Mitchnick referred to most new projects as "nonsense," lacking long-term value.
As a result, BlackRock's clients have stopped building diversified portfolios of multiple tokens. Capital is now concentrated in major assets, while interest in the rest of the market is declining.
Mitchnick believes that artificial intelligence will be the new driver of the industry, pointing to a "natural symbiosis" between the two fields.
"AI agents are unlikely to use banking systems like Fedwire or SWIFT. Cryptocurrency is native money for computers, while AI is native data and intelligence," explained the BlackRock representative.
The market is already responding to this trend. Mining companies, including Hut 8, Core Scientific, and IREN, are repurposing data centers to create infrastructure for artificial intelligence.
Amid technological shifts, Bitcoin retains its role as a safe-haven asset. Mitchnick is confident that the first cryptocurrency serves as an excellent diversifier during periods of uncertainty.
Notably, Hut 8 has developed a modular infrastructure model that allows for flexible switching of computational power between AI tasks and Bitcoin mining.