US crypto ETFs are pulling Bitcoiners into TradFi: BlackRock’s Jay Jacobs
The merger of crypto, decentralized finance and traditional finance is being referred to as the “Great Convergence” at BlackRock.
BlackRock’s spot Bitcoin exchange-traded fund has been a gateway for new investors to enter the wider ETF market, according to Jay Jacobs, US head of equity ETFs at BlackRock.
Around three-quarters of investors in BlackRock’s iShares Bitcoin Trust ETF have never owned an ETF before, Jacobs told Cointelegraph on the Chain Reaction podcast Thursday.
“IBIT was a way for traditional investors to now get into digital assets. But we have seen a lot of people really kind of enter into IBIT, starting with digital asset ETPs,” he said.