BlackRock, the world's largest asset manager, is now openly flagging concerns about Bitcoin. Robbie Mitchnick, who heads digital assets at the firm, says AI technology has been pulling all the energy toward itself, and that is weighing directly on assets like BTC. According to him, where money flows next will be decided by one simple question: which assets are tied to AI, and which are not.
Mitchnick argues that anything not connected to AI now faces tough questions and severe scrutiny. Such assets are increasingly seen as belonging to an old-world way of life. Bitcoin sits squarely in the crosshairs of that risk and could be left behind amid the current AI boom.
Capital Has Been Flooding Into AI Since Early 2025
Mitchnick explained that big capital has been pouring steadily into AI-centric assets since the start of 2025. Everything else is seeing investment dry up, simply because it has little to offer in building out the technology. He added that despite the industry's capex troubles, AI stocks outperformed Bitcoin in 2026.
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. The AI momentum is certainly sucking a lot of the oxygen out of the room.
The takeaway from his comments is blunt: in a world increasingly dominated by AI, other assets are being treated as redundant or left behind.
Mining Firms Are Now Powering Data Centers
The worry deepens because Bitcoin mining firms have shifted away from BTC toward supplying energy to data centers. These firms have signed multi-billion-dollar contracts for energy supply, leaving their core Bitcoin mining business behind. AI is now more profitable than mining BTC, and that shift is a major warning sign for the crypto market.
Mining companies such as Core Scientific, IREN, HIVE Digital, and TeraWulf are now providing energy support to AI data centers. BTC mining, once their primary business, has slipped to second place, with AI taking first priority. As the years pass, the move could carry severe consequences for BTC.
