Bitwise Hunter Horsley Says a Big U.S. Bank Has Put 20% of Its Wealth Management into Bitwise Bitcoin ETF
In what could be seen as a forward-thinking investment, a prominent U.S. bank has jumped into the cryptocurrency market. The bank has put one-fifth of its wealth management money into a Bitwise exchange-traded fund (ETF), as the company’s CEO and co-founder shared on his X (formerly Twitter) handle. The move, perhaps, not only legitimizes cryptocurrencies but also points to a potential paradigm shift in the financial space.
Hunter Horsley, the Chief Executive Officer and five-year co-founder of Bitwise Asset Management, revealed that a major U.S. bank invested in a Bitwise ETF through 20% of its wealth management branches. Even though he didn’t name the bank, Horsley said, “Bitcoin & crypto are entering the mainstream.”
According to popular community opinions, most people believe that this throng into ETFs by the banks represents more than just a financial investment; it equally reflects growing confidence in the crypto space. By embracing a regulated investment product like the Bitwise Bitcoin ETF, the bank recognizes that digital assets are becoming more and more part of traditional finance.
The Implications and Opportunities for Bitwise Paints A Daring Future for all Shades of ETFs
Conservative investors might now see cryptocurrencies as a real asset class, which could lead to more people investing in them. The bank’s move could inspire other banks to do the same. Institutional involvement might also push regulators to create clearer rules for the crypto market, which would help both investors and the industry.
As cryptocurrencies become more accepted, financial institutions might develop new products and services related to digital assets. The bank’s move diversifies its portfolio, recognizing that crypto behaves differently from traditional assets. The Bitwise Bitcoin ETF uses 10% of its profits to support open-source Bitcoin development, so investors indirectly help secure and innovate the network.
Bitwise Bitcoin ETF Performance So Far
The Bitwise Bitcoin ETF (BITB) has been performing well, with over $68 million coming in during just one week. It now has over $2.5 billion in assets under management (AUM). BITB offers a way to invest in Bitcoin’s price changes without owning the cryptocurrency directly.
While this institutional interest is encouraging, there are still risks. Cryptocurrencies are very volatile and can change in price quickly. Governments around the world are still figuring out how to regulate this new market, and it’s important to watch out for market manipulation.
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