There Are Many Bitcoin Critics Left in Finance, Despite BlackRock's Newfound Love

Many mid-sized asset managers in traditional finance are still skeptical about bitcoin, even after some of the biggest names in the industry have started to endorse the cryptocurrency.

There is demand for bitcoin, so Simplify is meeting that desire, Green said. But this doesn't change his overall view that bitcoin is simply a mechanism to transfer wealth."No value has been created and nothing has been done per se."There are signs of broader reluctance. For spot bitcoin ETFs, even though they have seen unprecedented demand for a newly released product, they are not being offered to clients of some wealth management firms, includingand State Street.

Gold fan and economist Peter Schiff called bitcoin gambling money that has no use in the present or the future."This whole thing is a big bubble," he said at the event, as bitcoin was trading around a new record high above $73,000."It's going to collapse." Green said his firm isn't seeing much interest in bitcoin from its clients – though he concedes that might partly be the firm's fault as it doesn’t actively market the cryptocurrency or advise clients to invest in it.

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