There Are Many Bitcoin Critics Left in Finance, Despite BlackRock's Newfound Love
In 2023, BlackRock filed to create a spot bitcoin ETF and its CEO, Larry Fink, praised bitcoin, marking a significant shift in Wall Street's perception. However, skepticism persists among some finance professionals, with concerns about bitcoin being an "extractive bubble" and lacking value. Despite unprecedented demand for bitcoin ETFs, some wealth management firms like Vanguard and State Street are not offering them to clients. Goldman Sachs reiterated its disbelief in bitcoin as an investment. Some asset managers are not actively marketing bitcoin to clients and believe it requires a level of forecasting that their other trades don't. There is a lack of interest in understanding bitcoin's technology, leading to disinformation in the industry.
