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Bitcoin skeptics in the financial world continue to remain vocal
The post Bitcoin skeptics in the financial world continue to remain vocal appeared on BitcoinEthereumNews.com. When Bitcoin turned 15, it finally got a thumbs-up from BlackRock, a titan among global investors. This came after long-standing skepticism from other financial bigwigs. BlackRock’s move to set up a spot Bitcoin ETF, along with CEO Larry Fink’s favorable comments, marked a pivotal moment for the cryptocurrency. Although other finance firms had already backed Bitcoin, BlackRock’s support was seen as a game-changer. Despite this, not everyone’s on board. Just this month at a Miami event for investment pros, it was clear: plenty of finance folks still aren’t sold on Bitcoin. Unyielding Doubts Amidst Growing Interest “Bitcoin is just an extractive bubble,” said Mike Green, a portfolio manager at Simplify Asset Management, at the Miami Investment Masters Symposium. He described it as a mere tool for shifting wealth from one group to another. Yet, Simplify doesn’t ignore Bitcoin entirely. It offers two Bitcoin-linked funds. The Simplify Bitcoin Strategy PLUS Income ETF and the Simplify US Equity PLUS GBTC ETF, which includes a 10% stake in the Grayscale Bitcoin Trust (GBTC). Despite catering to demand, Green maintains that Bitcoin hasn’t generated any real value. The hesitation extends beyond just one firm. Heavyweights like Vanguard and State Street aren’t offering spot Bitcoin ETFs to their clients, suggesting a broader industry wariness. Among the few that do, it’s mostly retail investors who are diving in, not the big institutional players. The Critics Speak Loudly At the same Miami gathering, Stone X Group’s chief strategist, Kathryn Vera, claimed that Bitcoin would never match the dollar, euro, or yuan—currencies that hold up the global financial system. Meanwhile, Peter Schiff, a vocal gold advocate and economist, slammed Bitcoin as worthless gambling money. “This whole thing is a big bubble. It’s going to collapse,” he declared, even as Bitcoin hovered near an all-time high of $73,000. Further,…
The post Bitcoin skeptics in the financial world continue to remain vocal appeared on BitcoinEthereumNews.com.
When Bitcoin turned 15, it finally got a thumbs-up from BlackRock, a titan among global investors. This came after long-standing skepticism from other financial bigwigs. BlackRock’s move to set up a spot Bitcoin ETF, along with CEO Larry Fink’s favorable comments, marked a pivotal moment for the cryptocurrency. Although other finance firms had already backed Bitcoin, BlackRock’s support was seen as a game-changer. Despite this, not everyone’s on board. Just this month at a Miami event for investment pros, it was clear: plenty of finance folks still aren’t sold on Bitcoin. Unyielding Doubts Amidst Growing Interest “Bitcoin is just an extractive bubble,” said Mike Green, a portfolio manager at Simplify Asset Management, at the Miami Investment Masters Symposium. He described it as a mere tool for shifting wealth from one group to another. Yet, Simplify doesn’t ignore Bitcoin entirely. It offers two Bitcoin-linked funds. The Simplify Bitcoin Strategy PLUS Income ETF and the Simplify US Equity PLUS GBTC ETF, which includes a 10% stake in the Grayscale Bitcoin Trust (GBTC). Despite catering to demand, Green maintains that Bitcoin hasn’t generated any real value. The hesitation extends beyond just one firm. Heavyweights like Vanguard and State Street aren’t offering spot Bitcoin ETFs to their clients, suggesting a broader industry wariness. Among the few that do, it’s mostly retail investors who are diving in, not the big institutional players. The Critics Speak Loudly At the same Miami gathering, Stone X Group’s chief strategist, Kathryn Vera, claimed that Bitcoin would never match the dollar, euro, or yuan—currencies that hold up the global financial system. Meanwhile, Peter Schiff, a vocal gold advocate and economist, slammed Bitcoin as worthless gambling money. “This whole thing is a big bubble. It’s going to collapse,” he declared, even as Bitcoin hovered near an all-time high of $73,000. Further,…
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