BlackRock executive: Bitcoin ETF is a bridge between cryptocurrency and traditional finance

Odaily News Samara Cohen, chief investment officer of ETFs and index investments at BlackRock, said at the Coinbase Crypto Summit in New York that Bitcoin ETFs are a bridge between cryptocurrencies and traditional finance, especially for investors who may be interested in allocating to Bitcoin without having to manage risk in two different ecosystems. She said that before the advent of ETFs, the existing cryptocurrency market was not sufficient to meet the needs of some investors. About 80% of current Bitcoin ETF purchases may come from self-directed investors, who typically make allocations through online brokerage accounts. Hedge funds and brokerage firms have also become buyers, but registered investment advisors have been somewhat more cautious, according to 13-F filings from the previous quarter. Financial advisors concerns about Bitcoin include cryptocurrency price volatility and its relatively short track record. (CNBC)