They allocated the majority, $477,425, to IBIT in BlackRock, alongside investing in Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC.At the time of writing, BTC was trading at $60,864 after seeing a 3.34% decline but still, there has been a notable shift among investors., purchased 1,030 IBIT shares for $41,684.10. In Q1 2024, each was priced at $40.47, significantly lower than the current value of a single Bitcoin.
Interestingly, just like Dimon, Sandro Pierri, Head of the fund management group BNP Paribas Asset Management, too refuted BTC’s potential back in September 2022 and said,These developments signify a notable shift in the stance of several banks, indicating a growing interest and openness toward BTC as an investment vehicle.
“There are cryptocurrencies that do something, that might have value. And then there’s one that does nothing, I call it pet rock. The Bitcoin, or something like that.”An increase in cumulative spot BTC ETF volumes reinforced the confirmation, representing the total trading activities of spot BTC ETFs within a defined timeframe.“Inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets including financial stability.