The long-awaited bitcoin exchange traded funds launched in January, and financial advisors are on their way – though gradually – toward adopting them, according to BlackRock's Samara Cohen.
The iShares Bitcoin Trust (IBIT) was among the funds to debut earlier this year.
Responses ranged from bitcoin's notorious price volatility to the flagship cryptocurrency being too nascent to have established a significant track record.
"I would call them wary … that's their job," Cohen said of the skeptical financial advisors.
"This is an asset class that has had 90% price volatility at times in history, and their job is really to construct portfolios and do the risk analysis and due diligence.
Persons:
BlackRock's Samara Cohen, Cohen, …
Organizations:
Crypto, CNBC, Council
Locations:
Coinbase State, New York City