Although giant BlackRock has taken steps to support Bitcoin, many investors are still cautious about this cryptocurrency.
The unexpected approval from BlackRock, with its application to establish a Bitcoin spot ETF and favorable words from CEO Larry Fink, marks a major turning point for Bitcoin after years of indifference on Wall Street.
Larry Fink, the CEO of world’s largest asset manager, BlackRock (Mason Webb/CoinDesk)
However, at the recent Miami Investment Professionals Conference, financial experts still expressed skepticism. Mike Green, portfolio manager at Simplify Asset Management, believes that Bitcoin is just a “mining bubble” that does not create real value.
Although spot Bitcoin ETFs attract individual investors, giants like Vanguard or State Street still do not offer this product. Goldman Sachs, despite playing an important role in BlackRock's iShares Bitcoin Trust (IBIT), still insists that Bitcoin is not suitable for their investment portfolio and that their customers are not interested in this type of product.
Kathryn Vera of Stone Dotcom bubble 20 years ago.
Many asset managers say they have not considered Bitcoin because they are focusing on other profitable areas. Mike Green also commented that many colleagues do not want to invest the time to learn about the technology behind Bitcoin, leading to widespread misinformation.
