As an analyst with extensive experience in the financial industry, I believe that Samara Cohen’s perspective on the adoption of spot Bitcoin ETFs by registered investment advisors (RIAs) is insightful and thought-provoking. Her recognition of the concerns raised by RIAs regarding Bitcoin’s price volatility, short track record, regulatory compliance issues, and association with fraud and scandals is a valid assessment of their cautious approach.
The highly anticipated debut of bitcoin-backed exchange-traded funds (ETFs) in the United States during January represented a momentous achievement in merging cryptocurrency with conventional finance. As stated in an article by Tanaya Macheel for CNBC, financial advisors are progressively embracing these novel investment instruments, based on Samara Cohen’s report from BlackRock, who serves as the Chief Investment Officer of ETF and Index Investments.
As the Senior Managing Director and Chief Investment Officer for ETF and Index Investments at BlackRock, Cohen is in charge of looking after about $6.6 trillion worth of index funds and iShares ETFs. Her job involves managing these assets and ensuring their integrity, as well as leading a team of various professionals such as portfolio managers, risk managers, platform builders, and market structure innovators. Their goal is to improve the offerings of BlackRock’s investment products while pushing the boundaries of the indexing industry and ETF markets.
Cohen holds a pivotal position in BlackRock’s Global Executive Committee (GEC), participating in the Investment Subcommittee and Talent Subcommittee. Furthermore, she champions diversity and inclusion efforts within the organization. She serves as the GEC representative for BlackRock’s Women’s Initiative & Allies Network (WIN) and shares leadership responsibilities with the Global Diversity, Equity, and Inclusion Steering Committee.
Prior to her current role at BlackRock, which started in 2015, Cohen previously held a Managing Director position at Goldman Sachs from around 2008 onwards. In this role, she spearheaded the Global Market Transition team, addressing client needs in light of the altered market landscape and stringent regulations following the 2008 financial crisis. Cohen’s professional journey with BlackRock commenced in 1993 when she began as an analyst in their Institutional Client Business.
As a financial analyst, I’ve recently come across some intriguing insights from the CNBC report about the Coinbase State of Crypto Summit in New York City. According to the report, Cohen disclosed that around 80% of Bitcoin spot ETF purchases have been initiated by self-directed investors, mainly using online brokerage accounts. Furthermore, IBIT, a newly introduced fund, has garnered attention from hedge funds and brokerages, as indicated in recent 13-F filings. However, registered investment advisors (RIAs) have shown more caution towards these new products.
As an analyst, I’ve recently come across some insights from CNBC’s Advisor Council survey. The council members expressed caution towards Bitcoin due to several reasons they raised. One concern was its infamous price volatility, which can be quite unpredictable and risky for investors. Another issue was its relatively short history in the financial world, making it a less stable investment option compared to traditional assets. Regulatory compliance was also a major worry, as the cryptocurrency market is still largely unregulated, leading to uncertainty and potential risks. Lastly, Bitcoin’s association with fraudulent activities and scandals added another layer of concern for these advisors.
As a crypto investor, I understand the concerns raised by financial advisors regarding the volatile nature of this asset class. However, it’s important to remember that their primary role is to act as fiduciaries for their clients and build well-diversified portfolios. They are currently carrying out thorough risk analysis, due diligence, and assessing the potential rewards against the risks in the crypto market.
In the present situation, as Cohen sees it, it’s essential to share significant data, assess risks, and decide on the suitable role and proportion of bitcoin in an investor’s investment mix. This assessment should consider their risk appetite and financial liquidity requirements. According to her perspective, the process toward widespread acceptance is progressing satisfactorily, with advisors faithfully carrying out their duties.
Alesia Haas, Coinbase’s Chief Financial Officer, shared her perspective on Bitcoin’s gradual acceptance in an interview with CNBC. This idea of Bitcoin moving toward mainstream adoption was echoed throughout the conference presentations. Blue Macellari, T. Rowe Price’s Head of Digital Assets Strategy, spoke about investors exploring the possibility of investing in Bitcoin and eventually becoming more comfortable with it. She drew a comparison to a paradigm shift, emphasizing that this transition takes time for individuals to embrace fully.
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2024-06-17 15:03