Several financial services insiders contacted for this story, some of whom didn’t want to be
named, indicated that interest in the Bitcoin ETFs increased following the Securities and
Exchange Commission’s approval of the funds in January, but no one views that as an event
that opened the floodgates, with advisors suddenly getting swamped by client calls wanting
to buy into digital assets.
“SEC approval of Bitcoin ETFs was a huge step in removing a large barrier of entry for
Bitcoin,” says Will McGough, director of investments at Prime Capital Investment Advisors.
But that was in large part a matter of logistics—that by putting the asset in an ETF wrapper it
could suddenly be traded directly and without having to navigate futures contracts. “We
haven’t seen broad-based—or even material—demand for digital assets across our platform,
though that may change as people chase headlines [and] Bitcoin continues to reach new
highs.”
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