As reported by AMBCrypto, BlackRock's Head of Digital Assets, Robert Mitchnick, stated that most altcoins are 'totally worthless' in a recent interview. Despite holding $100 billion in BTC and ETH, the firm has not joined the altcoin ETF rush, particularly for XRP and SOL. Mitchnick warned against investing in the lower-tier crypto assets, emphasizing Bitcoin's dominance due to its product-market fit and digital gold narrative. BlackRock launched its iShares Bitcoin Trust Fund (IBIT) in January 2024 and an ETH-based ETF later in 2023. The firm also manages Circle’s USDC reserve assets and is expanding into tokenized traditional financial products.
BlackRock's Head of Digital Assets Calls Most Altcoins 'Totally Worthless'
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