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Robert Mitchnick, the Director of Digital Asset Development at BlackRock, stated that in the long run, artificial intelligence may have a more significant impact on the cryptocurrency market than the emergence of new tokens.
Speaking at the Digital Asset Summit in New York, he highlighted a shift in the behavior of institutional investors. According to him, they are increasingly focusing their investments on Bitcoin and Ethereum, largely overlooking other crypto assets.
Mitchnick attributed this trend to the fact that most new tokens fail to remain relevant over time and do not sustain the interest of major investors. “Most altcoins are complete nonsense,” he remarked.
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He believes that artificial intelligence is becoming a more important trend than cryptocurrencies, while there is a direct connection between these two domains. Traditional financial infrastructure, including systems like Fedwire and SWIFT, is not designed for operations conducted by autonomous programs.
Mitchnick argues that cryptocurrencies can bridge this gap. He referred to them as “computer money,” while labeling artificial intelligence as “computer data,” emphasizing the natural symbiosis forming between the two. In this framework, crypto infrastructure serves not as a speculative market but as a functional component of the AI economy.
He also pointed out that some mining companies are already reallocating computing power towards tasks related to artificial intelligence. Specifically, Hut 8, Core Scientific, and Iren are upgrading data centers or entering into agreements in the high-performance computing sector.
According to Mitchnick, the proliferation of AI may be accompanied by increased uncertainty due to automation and job reductions. In such scenarios, Bitcoin could serve as a risk diversification tool, as it is linked to the infrastructure of the new technological economy.
Previously, Mitchnick stated that for Bitcoin to evolve into a global payment network, it requires the development of second-layer (L2) solutions, including the Lightning Network.
