BLK - 'Bitcoin Is Just An Extractive Bubble' Says Portfolio Manager As Blackrock's Acceptance Fails To Quell Finance Sector Critics | Benzinga
Despite the endorsement of Bitcoin (CRYPTO: BTC) by investment heavyweight BlackRock Inc. (NYSE:BLK), skepticism about the cryptocurrency persists among many finance professionals.
What Happened: BlackRock’s acceptance of Bitcoin in 2023 marked a significant shift in the financial industry. However, at a recent Miami event, a number of investment professionals expressed reservations about the digital asset, reported CoinDesk.
Mike Green, a portfolio manager at Simplify Asset Management said, “Bitcoin is just an extractive bubble.” Despite his stance, Simplify has launched two Bitcoin-exposed funds to meet client demand.
Other companies, including Vanguard and State Street, have yet to offer Bitcoin ETFs to their clients. Goldman Sachs, despite its involvement in BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT), maintains that Bitcoin has no place in investment portfolios.
See Also: Dogecoin’s Road To The Golden Cross, Crypto Analyst Shares His Take On ‘Bull Market Milestone’
At the Miami conference, Kathryn Vera, chief strategist at Stone X Group, stated that Bitcoin will not become a reserve currency in her lifetime. Similarly, economist Peter Schiff dismissed Bitcoin as gambling money with no ...