BlackRock's ETF and index investment chief investment officer Samara Cohen pointed out that since the Bitcoin ETF was launched in January this year, investment advisors are gradually accepting this fund. On the product structure, the operating income of 10-30 billion yuan products is 401/1288/60 million yuan respectively.
Bitcoin ETF is a bridge between cryptocurrency and traditional finance, but its popularity is slow and investment advisers are still cautious.
Cohen pointed out that currently about 80% of Bitcoin ETF purchases come from 'self-directed investors'.
BlackRock's ETF and index investment chief investment officer Samara Cohen pointed out at a meeting that since the launch of Bitcoin exchange-traded funds (ETFs) in January this year, investment advisors are gradually accepting this fund.
BlackRock's iShares Bitcoin Trust$iShares Bitcoin Trust (IBIT.US)$is one of the first Bitcoin spot ETFs launched earlier this year. These new products represent a regulated investment product that is applicable to new asset classes that have emerged in recent years, such as cryptocurrencies.
Last week at the Coinbase State of Crypto conference, Samara Cohen said that about 80% of Bitcoin ETF purchases may come from 'self-directed investors', who typically configure them via online brokerage accounts. In addition, according to 13-F filings from last quarter, hedge funds and brokerages have also begun to gradually become buyers of Bitcoin ETFs, while investment advisers are still relatively 'cautious', but are now starting to change and gradually explore investing in Bitcoin ETFs.
The investment advisory system has a history of nearly a hundred years in the United States and has developed quite maturely. Currently, there are more than 10,000 registered investment advisers in the United States, managing trillions of dollars in assets and playing an important role in the US capital markets.
It was found through a survey of investment advisers that their caution stems from the huge price fluctuations of Bitcoin and the recent fraud and scandal storms. Currently, the flagship cryptocurrency product has not been on the market for long and has not yet established importa nt regulatory records.
Cohen said of these skeptical investment advisers,"Cautious is their job... Investment advisors are trustees of clients, and their job is to construct portfolios, conduct risk analysis and due diligence. And Bitcoin is a category of assets that historically had price volatility of up to 90%."
She added that what investment advisers should really do now is to present important data, risk analysis, and determine the role Bitcoin can play in the portfolio. Advisors should consider investors' risk tolerance and liquidity needs when choosing appropriate configurations.
Cohen also pointed out that she believes that the Bitcoin ETF is a bridge between cryptocurrency and traditional finance, especially for those investors who may be interested in allocating Bitcoin and do not have to manage risk in two different ecosystems.
Meanwhile, at the New York summit, Alesia Haas, CFO of cryptocurrency exchange Coinbase, pointed out that Bitcoin is "on a slow journey to popularization."
Blue Macellari, head of T. Rowe Price's digital asset strategy, said that some investors see a 1% allocation as a safe, comfortable number. However, she believes that Bitcoin portfolio allocation is either zero or greater than 1%.
She added,"This is a psychological factor, and people need time to adjust."
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