BlackRock Official Gives Insight on Bitcoin (BTC) in Recent Statement
At the Coinbase State of Crypto Summit in New York, Samara Cohen, the Chief Investment Officer of ETFs and Index Investments at BlackRock, shared her thoughts on the current status and acceptance of Bitcoin Spot ETFs.
Since their launch in January, Bitcoin exchange-traded funds (ETFs) have been slowly but steadily gaining traction among financial advisors. Cohen revealed that around 80% of Bitcoin ETF purchases are being made by self-directed investors, mostly through online brokerage accounts. One of the funds that was introduced earlier this year is the iShares Bitcoin Trust (IBIT).
According to Cohen, hedge funds and brokerage firms have also been actively purchasing Bitcoin ETFs, as indicated by 13-F filings in the previous quarter. However, registered investment advisors are approaching this new asset class with caution.
Describing financial advisors as “cautious,” Cohen emphasized that their primary responsibility is to build portfolios, conduct risk analysis, and perform due diligence. She believes that this journey of exploration and evaluation is essential in determining the role Bitcoin can play in a portfolio.
Cohen views Bitcoin ETFs as a connection between the world of cryptocurrencies and traditional finance, especially for investors looking to diversify their portfolio by allocating a portion of their risk to BTC without the need to navigate through two separate ecosystems. She mentioned that prior to the introduction of ETFs, the existing pathways to crypto investments were insufficient for certain investor requirements.
It is important to note that the views expressed by Cohen do not constitute investment advice. If you are interested in investing in over 300 cryptocurrencies, you can sign up with Binance exchange using this link to avail a 20% commission discount.
For more exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
