'Bitcoin Is Just An Extractive Bubble,' Says Portfolio Manager, As Blackrock's Acceptance Fails To Quell Finance Sector Critics
Portfolio Pulse from Benzinga Neuro
Despite BlackRock Inc.'s acceptance of Bitcoin, skepticism remains among finance professionals. Portfolio manager Mike Green criticizes Bitcoin as an 'extractive bubble,' yet Simplify Asset Management launched two Bitcoin-exposed funds. Companies like Vanguard and State Street have not offered Bitcoin ETFs, and Goldman Sachs views Bitcoin as unsuitable for investment portfolios. The Miami event highlighted ongoing doubts about Bitcoin's viability as a reserve currency, despite its recent price surge.
April 16, 2024 | 1:49 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
BlackRock Inc.'s endorsement of Bitcoin has not quelled skepticism in the finance sector, despite launching the iShares Bitcoin Trust.
BlackRock's involvement with Bitcoin, particularly through the iShares Bitcoin Trust, positions it at the center of the ongoing debate about cryptocurrency's place in investment portfolios. However, the persistent skepticism among finance professionals, as highlighted in the Miami event, suggests that BlackRock's stance might not significantly sway market sentiment in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
Goldman Sachs' involvement in BlackRock’s iShares Bitcoin Trust (IBIT) contrasts with its stance that Bitcoin has no place in investment portfolios.
Goldman Sachs' involvement in the iShares Bitcoin Trust (IBIT) indicates a nuanced position on cryptocurrency, balancing participation in crypto-related financial products while maintaining a skeptical stance on Bitcoin's role in investment strategies. This duality may lead to mixed signals to investors regarding the bank's outlook on cryptocurrency investments.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 70