Bitcoin rallied this week amid news of possible spot bitcoin exchange-traded funds. Here's what investors need to know before purchasing.
"It's a very serious statement to see BlackRock submit that application," he said, and many crypto advocates believe it's the beeline for a bitcoin spot ETF product.A bitcoin spot ETF would provide easier access to the asset, allowing investors to buy and sell the digital currency through a brokerage account. However, "easier accessibility to something doesn't mean you should dive in headfirst," Boneparth said.
If approved, investors should treat bitcoin spot ETFs like any other asset, he said. You should always do your own research and your own due diligence before taking risks with your money.President of Bone Fide Wealth When weighing "high-risk assets" like bitcoin, the financial services industry may suggest limiting your portfolio to 1% to 5% exposure, Boneparth said. He personally limits speculative assets — such as bitcoin, private equity, hedge funds and more — to 5% to 10% of investable assets.
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