Morgan Stanley and BlockFi Executives Disagree on Spot Bitcoin ETFs

Morgan Stanley Investment Management’s head of emerging markets equity is not bullish on Bitcoin ETFs.

Bishal Kumar Chanda2 min read
Morgan Stanley and BlockFi Executives Disagree on Spot Bitcoin ETFs

Morgan Stanley Investment Management’s head of emerging markets equity, Amy Oldenburg, is not bullish on Bitcoin ETFs. Also, she added that ETFs investing in Bitcoin is not a solution for greater adoption in the space. Further, she pointed out the importance of self-custodial digital assets.

“If you lived in Russia earlier this year, and you held a spot Bitcoin ETF, how valuable was that to you? It had no value,” Amy explained. “So we need to be able to find solutions that we can give people access to those underlying assets and let them be able to hold those and travel and transfer with those without having a centralized custodian.”

BlockFi’s head of institution relationship management, Jessica Raybeck, said that Oldenburg’s concern was valid. However, she added that many institutions don’t have another access point.

“Custody is really hard for a hedge fund, asset manager or pension,” Jessica said. “But you know what’s pretty easy for them? An ETF or any other listed asset.”

Moreover, Jessica also added that institutions are still figuring out how to handle the 24/7 nature of crypto markets. Speaking of Bitcoin ETFs, she said, “Do I think we’re gonna evolve past that? I think yes. But we have to really embrace the fact that that has been a huge [way] where people can get access to crypto.”

Spot crypto exchange-traded products are already available in places like Canada, Europe, and Australia. However, the Securities and Exchange Commission (SEC) has yet to allow a spot bitcoin ETF in the US.

Get deals in your inbox

Get our free, 5 min weekly newsletter. Used by thousands of people to earn more interest on their crypto.

No spam, unsubscribe anytime. Read our Privacy Policy.