Insider Q&A: ProShares CEO Michael Sapir on bitcoin funds
Associated PressNEW YORK — Bitcoin’s public profile grew six months ago when the first exchange-traded product tied to it hit the market. Michael Sapir, CEO of ProShares, spoke recently with The Associated Press about the fund’s debut, what kinds of investors it’s serving and about how bitcoin hasn’t lived up to one of its initial pitches to investors. I think the investors in BITO are probably similar to those investors, but we think BITO may be capturing investors who might be crypto hesitant because they can easily access bitcoin exposure through an existing brokerage account they already have and buy it in the way they’re used to buying stocks and exchange traded funds. Q: The pitch for bitcoin used to be that it would protect an investor’s nest egg by not always moving up and down in the same direction as stocks, offering diversification.
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