According to a report by CNBC, Samara Cohen, the Head of ETF and Index Investing at BlackRock, spoke at the Coinbase Cryptocurrency Summit in New York City, stating that approximately 80% of the buying interest in Bitcoin spot ETFs may come from “self-directed retail investors” who typically allocate investments through online brokerage accounts.
Furthermore, Samara Cohen pointed out that hedge funds and brokerage firms are also buyers of Bitcoin ETFs based on 13-F filings from the previous quarter, but Registered Investment Advisers are more “cautious” about it.
CNBC recently surveyed these advisers, asking them and their colleagues why they are cautious about these new products. Answers involve various aspects, including the extreme price volatility of Bitcoin and the fact that this asset class is still too new with no established long-term historical record. Additionally, regulatory compliance and concerns about fraud and scandals in cryptocurrency are also factors that advisers consider.
Samara Cohen stated that investment advisers are fiduciaries for their clients, and their job is to build investment portfolios, conduct risk analysis, and due diligence, and they are now doing this research work on Bitcoin as an asset, taking time to gradually accept these new products.
Samara Cohen believes that Bitcoin ETFs have become an important bridge connecting cryptocurrency with the traditional financial sector, especially suitable for investors who want to invest in Bitcoin but are not willing to manage risks between two completely different ecosystems. Before the launch of ETFs, existing ways to enter the cryptocurrency market were not ideal for some investors.
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