# BlackRock Top Executive Calls New Tokens "Nonsense" and Predicts Industry Merger with AI - ForkLog: Cryptocurrencies, AI, Singularity, Future

Froklog · 2026-03-25T07:04:25+00:00

BlackRock's Robbie Mitchnick criticized new cryptocurrencies as "nonsense," emphasizing a shift toward Bitcoin, Ethereum, and AI technologies. He noted clients are consolidating investments in leading assets due to market volatility, predicting AI will drive the industry's future.

Froklog

2026-03-25 07:04:25

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# Top BlackRock executive calls new tokens “nonsense” and predicts industry will merge with AI

Major investors are shifting away from a wide range of altcoins in favor of Bitcoin, Ethereum, and AI technologies. This was stated by Robby Mitchnick, Head of Digital Assets at BlackRock, at the Digital Asset Summit in New York, reports CoinDesk.

The company representative noted the high volatility of the market. According to him, rotation among top coins is happening “shockingly fast.” Leadership has been held for years only by the first cryptocurrency and Ethereum. Most new projects Mitchnick called “nonsense” with no long-term value.

As a result, BlackRock clients have stopped building diversified portfolios from numerous tokens. Now, capital is concentrated in the main assets, and interest in the rest of the market is declining.

Mitchnick considers artificial intelligence 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, and 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 build infrastructure for artificial intelligence.

In the face of technological shifts, Bitcoin continues to serve as a safe haven asset. Mitchnick is confident that the first cryptocurrency is an excellent diversifier during periods of uncertainty.

Recall that Hut 8 has developed a modular infrastructure model that allows flexible switching of computing power between AI tasks and Bitcoin mining.

ETH2,2%

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