Robbie Mitchnick, head of digital assets at BlackRock Inc. (NYSE: BLK), has warned that the Artificial Intelligence (AI) boom has been sucking the air out of Bitcoin (BTC).
Mitchnick said that everything that is not related to AI trading, including Bitcoin, has been suffering since the beginning of Q4 2025, according to an interview with Yahoo Finance on June 22, 2026. As a result, investors have poured money into AI-centric products, such as AI. propertyat the price of Bitcoin.
“It’s been the most difficult for Bitcoin since last October for all crypto, and this is related in many ways to everything that is not in the middle of AI. The speed of AI is sucking a lot of air in the room,” Mitchnick. he said.
The price of AI will exceed the price of Bitcoin in 2026
In addition, Mitchnick noted that gold and other precious metals have been struggling along with Bitcoin due to the high demand for AI stocks. Some of the AI stocks that have beaten Bitcoin year-to-date (YTD) include Intel Corporation (NASDAQ: The price of INTC sharesMarvell Technology, Inc. Image of MRVLAdvanced Micro Devices, Inc. (NASDAQ: AMD), and Broadcom Inc. (NASDAQ: AVGO).
Meanwhile, the value of the coin has fallen around 28.9% YTD to trade at around $62,230 on June 23. Similarly, Bitcoin had a market capitalization of $1.2 trillion at press time, which is lower than that of Space Exploration Technologies Corp. (NASDAQ: Image of SPCX), though Images of SpaceX launched earlier this month.
BTC view of BlackRock
Even so, Mitchnick sees a very strong potential next to Bitcoin. Instead, he argued that the US’s growing debt burden is a potential deficit.
Also, Jay Jacobs, the Managing Director of BlackRock and the firm US Head of Equity ETFs, recently said that Bitcoin is too big for financial institutions to ignore. BlackRock already owns several BTC-related products, including the iShares Bitcoin Trust ETF (It will go), the iShares Bitcoin Premium Income ETF (BITA), is an indirect BTC component of Strategy Inc (NASDAQ: MSTR), both of which have seen significant outflows, such as Finbold report.
