BlackRock’s Samara Cohen reportedly says registered investment advisors have been slow to adopt spot Bitcoin (BTC) exchange-traded funds (ETFs).
Cohen, who serves as BlackRock’s CIO of ETF and index investments, says that self-directed investors likely make up 80% of the Bitcoin ETF investments, reports CNBC.
She also notes that hedge funds and brokerages have been accumulating Bitcoin ETF shares.
But Cohen says one investor cohort has yet to take the plunge in the investment vehicle.
“I would call them wary… That’s their job…
An investment advisor is a fiduciary to their clients. This is an asset class that has had 90% price volatility at times in history, and their job is really to construct portfolios and do the risk analysis and due diligence. They’re doing that right now.”
Cohen believes that registered investment advisors (RIAs) are still in the early stages of the Bitcoin ETF adoption story.
“This is a moment, in terms of really putting forward important data, risk analytics [and determining] the role bitcoin can play in a portfolio, what sort of allocation is appropriate given an investor’s risk tolerance, their liquidity needs. That’s what an advisor is supposed to do, so I think this journey that we’re on is exactly the right one and they’re doing their jobs.”
In April, Morgan Creek’s Mark Yusko predicted that over the coming months, investment advisors could potentially allocate about 1% of the funds they are managing on behalf of the baby boomer generation to spot Bitcoin ETFs.
“So the boomers have [about] $30 trillion with these financial advisors… There’s going to be $300 billion, I believe – that’s 1% of $30 trillion – that comes into this space. That’s actually more money than has ever been converted to Bitcoin in 15 years.”
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