Clients of $10 trillion asset management firm BlackRock are reportedly not showing much demand for the leading smart contract platform Ethereum (ETH).
Robert Mitchnick, BlackRock’s head of digital assets, says that the firm’s clients are mostly interested in Bitcoin (BTC), the top crypto asset by market cap, leaving only a “little bit” of demand for the top altcoin, reports Fox Business journalist Eleanor Terrett.
“For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit Ethereum, and very little everything else.”
Mitchnick also says he acknowledges that the digital asset community wants BlackRock to create a long tail of crypto-focused products. However, he says “that’s just not where we’re focused.”
In January, the U.S. Securities and Exchange Commission (SEC) delayed its decision on whether or not to approve Ethereum-based exchange-traded funds (ETFs) from BlackRock and crypto asset manager Grayscale. At the time, the regulatory agency said it needed more time to consider the proposed rule change.
Earlier this month, SEC Chair Gary Gensler declined to comment on whether or not Ethereum counts as a security due to the fact that the regulatory body is in the midst of deciding the fate of ETH ETF applications.
Ethereum is trading for $3,332 at time of writing, a fractional decrease during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here