BlackRock (NYSE:BLK) Managing Director Robert Mitchnick says AI investment is draining capital away from Bitcoin (CRYPTO: BTC), with weakness evident in Bitcoin's 20% slide over the past month.
Mitchnick Says US Debt Fears Could Reignite Bitcoin Around The Midterms Mitchnick argued on Monday that Bitcoin's weak stretch since October has little to do with crypto-specific problems and everything to do with capital flooding into AI instead.
He noted gold and other traditional inflation hedges have faced the same pressure as investors chase AI exposure across public and private markets.
"It's been a tough stretch for Bitcoin since last October for all of crypto, and that's consistent in many ways with just about everything that is not AI-centric," Mitchnick said.
"The AI momentum is certainly sucking a lot of the oxygen out of the room," he added.
