BlackRock reveals the only 2 cryptocurrencies worth buying
There have been multiple major developments since the start of 2024 for the crypto markets, with digital assets seemingly advancing on all fronts.
For the first time in history, cryptocurrencies are a prominent, though not yet pivotal, topic of the presidential race and major financial institutions are becoming increasingly receptive to digital assets.
Some of the biggest victories of the year, however, arguably came on the regulatory front as the U.S. Securities and Exchange Commission (SEC) – after years of delay and denial – approved Bitcoin (BTC) exchange-traded funds (ETFs) in January and, half a year later, did the same for Ethereum (ETH) ETFs.
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cryptocurrencies-other-than-btc-and-eth">BlackRock does not see wider interest in cryptocurrencies other than BTC and ETH
Despite the enthusiasm and optimism the developments have caused, one massive and heavily-involved asset manager – BlackRock – may have hinted there is an adoption plateau rapidly approaching at a panel at the Bitcoin 2024 conference.
Indeed, though the ETH and BTC ETFs gave rise to speculation on which cryptocurrency will be next to gain exposure to more traditional investors through a similar fund, BlackRock’s Robert Mitchnick revealed that the company sees ‘very little interest’ in cryptocurrencies other than the big two among its clients.
If the asset manager is correct, this could mean that the growth potential of most cryptocurrencies will be severely limited for years to come.
Additional ETFs would be likely to match numerous investors who otherwise would not have exposure to the crypto markets to promising – and less prominent – cryptocurrencies, as, despite the recent positive developments, the crypto winter and its many scandals delegitimize the industry for many traders and caused damage that will likely take years to repair.
Other asset managers see potential beyond just BTC and ETH
Still, though most of the discussion outside the explicitly crypto-focused spaces has mostly been limited to Bitcoin and Ethereum, not all major institutions agree with BlackRock.
Indeed, while the asset management giant is maintaining a cautious approach, some of its peers, including VanEck and Franklin Templeton, are looking to expand beyond just BTC and ETH.
Franklin Templeton has, in particular, been vocal about its support for other blockchain projects and has, on multiple occasions, singled out Solana (SOL) as one of its favorites.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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