Spot bitcoin ETFs are on fire, with investors pouring billions into the funds — surprising even the most seasoned Wall Street bigwigs, such as BlackRock CEO Larry Fink.
Blackrock CEO Larry Fink, who oversees $10 trillion, running the world’s largest asset manager, is no stranger to things being big. Still, the explosive growth of spot bitcoin exchange-traded funds, especially the firm’s, caught even the seasoned Wall Street executive off guard. "I am very bullish on the long-term viability of bitcoin," he said Wednesday during an interview on "The Claman Countdown.
Investors are plowing money into spot bitcoin ETFs after the Securities and Exchange Commission approved these products for the first time in January, making it easier for both institutional and Main Street investors to invest in bitcoin. It is also helping drive gains for the cryptocurrency, up 54% this year, ahead of the S&P 500’s 10% rise. Interest in bitcoin is rivaling one of the safest assets on the planet: gold.
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