Traditional asset management giants' attitude shift: from questioning Bitcoin to opening crypto ETF trading

【BlockBeats】The attitude of traditional finance circles towards digital assets is becoming increasingly complex. An investment management firm managing $12 trillion in assets has recently undergone an interesting shift — senior executives publicly stated that Bitcoin is merely a “digital toy” lacking long-term investment value, yet the company has already allowed clients to trade crypto-related funds containing Bitcoin, Ethereum, XRP, and Solana.

The company’s global head of quantitative equities admitted at a recent conference that Bitcoin lacks the cash flow and compound interest characteristics they seek in long-term investments. He straightforwardly said that, from the perspective of lacking clear evidence that underlying blockchain technology can generate sustained economic value, Bitcoin is at most just a conceptual product. These remarks undoubtedly reflect the fundamental skepticism traditional institutions still hold towards digital assets.

But on the other hand, this company has begun to open up crypto ETF trading permissions for clients. This change stems from the spot Bitcoin ETF launched in January 2024, which has established a trading record. Management stated that the company allows clients to buy and hold these funds on the platform, but only if they make their own judgments — the company does not provide specific investment advice.

Interestingly, the executive also acknowledged that Bitcoin could demonstrate value during periods of high inflation or political turmoil. However, he pointed out that Bitcoin’s history is too short, and current data are insufficient to support a clear investment logic. “Only when we observe reliable price movements in these scenarios can we discuss its investment value more rationally,” he said, “such historical records do not currently exist.”

Behind this view lies the balancing challenge faced by traditional asset management institutions: on one hand questioning the fundamentals of crypto assets, and on the other hand, having to provide channels for clients with allocation needs.