This guy from Blackstone is pretty straightforward—AI is indeed pulling in serious money, but the bigger time bomb is US Treasuries, and the BTC story still isn’t over yet.

CoinWorld News reports that Robbie Mitchnick, Head of Global Digital Assets at Blackstone, said the rise of artificial intelligence is drawing capital away from alternative assets such as Bitcoin and gold. He noted that since last October, the AI investment boom has dominated investors’ attention, putting Bitcoin into a difficult period—especially over the past 45 days, during which spot Bitcoin ETF fund flows have declined by more than $7.8 billion. Despite this, Mitchnick believes the United States’ growing debt burden could become Bitcoin’s biggest bullish catalyst. He added that as capital flows into high-growth AI companies, it may further divert investment away from other assets, including cryptocurrencies and crypto ETFs.