Pretty much every major price increase in bitcoin in recent months has been chalked up to anticipation that the long-awaited day will soon arrive when investors will be able to buy funds directly tied to the spot price of the OG cryptocurrency.
Most of these outfits - who in aggregate control trillions of dollars in private wealth - might be perfectly happy allocating a small percentage of a client's portfolio to bitcoin in theory, but don't want to deal with a whole new layer of custodianship and reporting.
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