Despite the backing of Bitcoin BTC/USD by the prominent investment firm BlackRock Inc. BLK, doubts persist within the financial community regarding the cryptocurrency.
Event Overview: The year 2023 witnessed a pivotal moment in finance when BlackRock embraced Bitcoin. Nevertheless, during a recent gathering in Miami, numerous finance experts voiced reservations about this digital currency, as reported by CoinDesk.
Mike Green, a portfolio manager at Simplify Asset Management, characterized Bitcoin as a speculative bubble. Despite this viewpoint, Simplify introduced two funds linked to Bitcoin to cater to client demands.
While companies like Vanguard and State Street have yet to provide Bitcoin ETFs to their clientele, Goldman Sachs, a participant in BlackRock’s iShares Bitcoin Trust IBIT, maintains that Bitcoin does not belong in investment portfolios.
In Related News: Insights into Dogecoin’s Path to the Golden Cross – Crypto Analyst Shares Perspective on ‘Bull Market Milestone’
During the Miami conference, Kathryn Vera, the chief strategist at Stone X Group, asserted that Bitcoin is unlikely to evolve into a reserve currency within her lifetime. Similarly, economist Peter Schiff dismissed Bitcoin as speculative funds lacking future utility.
Despite the introduction of 11 Bitcoin ETFs in the U.S., certain asset managers remain hesitant to view this asset class as a viable investment. Green mentioned that his firm has observed limited interest in Bitcoin among clients, partly because they do not actively promote the cryptocurrency.
Green also highlighted a general lack of curiosity among industry peers regarding the underlying technologies of Bitcoin and other cryptocurrencies. He attributed this disinterest to the absence of client pressure and the lack of repercussions for expressing skepticism about digital currencies.
Significance: The skepticism articulated at the Miami event contrasts with Bitcoin’s recent price surge. On the same day as the conference, Bitcoin exceeded the $66,000 threshold, emerging as the top performer in the cryptocurrency market. This surge followed a significant market downturn triggered by Iran’s military actions against Israel, resulting in substantial declines across major cryptocurrencies.
Esteemed author Robert Kiyosaki also conveyed his lack of enthusiasm for Bitcoin ETFs, preferring direct ownership of assets over conventional Wall Street financial instruments. He clarified that he does not hold gold or silver ETFs or real estate ETFS.
Market Performance: Bitcoin is presently valued at $63,546, reflecting a modest 0.13% increase today and a notable 43.86% rise year-to-date, according to data sourced from Benzinga Pro.
Upcoming Read: Escalation of Tensions as Iran Launches Drone Attack on Israel, Prompting Sharp Declines in Bitcoin and Other Cryptocurrencies
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Authored by Kaustubh Bagalkote for Benzinga Neuro
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