Stephen Cohen on ETFs, Bitcoin, and the Future of Investing
This week on the Masters in Business podcast, Barry Ritholtz sits down with Stephen Cohen, Chief Product Officer and Head of Global Product Solutions at BlackRock. With over $10 trillion in assets under management, BlackRock is the largest asset manager in the world. Cohen oversees product innovation and strategy across ETFs, active funds, digital assets like Bitcoin, and private investments. His career path, market insights, and experience at major firms like UBS, ING Barings, and Nomura give him a unique perspective on how investing products are evolving.
Stephen Cohen didn’t plan to work in finance. He studied economics in college out of interest but had no family background in investing. A neighbor working as a telecoms engineer introduced him to a trading floor — and he was immediately drawn to the energy of the markets. That experience led him to apply for jobs in banking, eventually landing at UBS, where he worked in fixed income and convertible bonds. He later moved to ING Barings and then to Nomura, gaining deeper experience in Japanese markets.
Cohen explains that Japan’s financial landscape in the 1990s and 2000s was drastically different from today. Back then, the country was still recovering from its asset bubble collapse, with persistent deflation and recurring government stimulus that barely moved the needle. Banks played a central role in lending and economic activity, meaning when banks struggled, so did the entire economy. Cohen notes that while Japan’s market has finally rebounded, it took over 30 years to recover.
In 2011, Cohen joined BlackRock shortly after its acquisition of iShares, the ETF business originally launched by Barclays. At the time, ETFs were still relatively unknown in Europe. His role involved educating investors about ETFs—what they are, how they work, and how they could be used in portfolios. He helped grow iShares from a niche product into a trillion-dollar platform in Europe.
ETFs have revolutionized investing by offering low-cost access to markets. Cohen emphasizes that ETFs challenged traditional active managers by making performance and fees more transparent. They also allowed investors to build diversified portfolios by combining passive index exposure with active strategies—something that’s now common practice but was rare back then.
When he started at BlackRock, Cohen built an investment strategy team focused on helping clients understand how to use ETFs for portfolio construction. Early challenges included simply explaining how ETFs function—from creation and redemption mechanics to how they could be blended with active funds.
Cohen believes the ETF industry still has massive room for growth. For example, fixed income ETFs only represent about 2% of the global bond market, yet they offer significant benefits in terms of liquidity and transparency. He expects fixed income ETFs to grow from about $2.5 trillion today to $6 trillion by 2030.
He also highlights how ETFs are evolving beyond indexing. Active ETFs and digital asset ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) are expanding investor access to new asset classes. IBIT has quickly become one of the fastest-growing ETFs ever, nearing $100 billion in assets under management.
Cohen points out that many investors already held Bitcoin before IBIT launched but chose to switch to an ETF for simplicity and security. Managing Bitcoin through an ETF eliminates concerns about storing private keys or losing access—a key reason behind the ETF’s popularity.
Private markets like private equity, infrastructure, and private credit are another area of focus for product development. These assets have historically been hard for everyday investors to access due to complexity and limited liquidity. Cohen sees this changing as technology improves and platforms like Aladdin (BlackRock’s risk management system) make it easier to blend public and private assets in client portfolios.
He explains that BlackRock is working on ways to offer private market exposure in more accessible formats—though it may not always be through ETFs. The goal is to build better portfolios by combining different tools based on investor needs.
AI is also starting to play a bigger role at BlackRock in three main ways:
1. As an investment theme – AI-related stocks and infrastructure like data centers.
2. As a tool for portfolio management – using machine learning to analyze sentiment from earnings calls and news.
3. For product development – identifying emerging trends based on client behavior and market data.
Cohen stresses that all product development at BlackRock starts with understanding what clients need and how products can improve their portfolios—not just launching trendy funds. While many new ETFs come to market each year (more than 1,000 annually), BlackRock’s approach is more measured and focused on long-term utility.
Looking ahead, he sees continued growth in areas like digital assets, fixed income innovation, private markets, and customized portfolios that blend active and passive strategies. Even familiar asset classes like U.S. large-cap equities are being reimagined through equal-weighted indices or top-20 stock funds—highlighting how dynamic even “mature” segments can be.
When asked what investors might be overlooking today, Cohen points to two things:
– Long-term demographic shifts like aging populations and immigration patterns that influence inflation and fiscal policy.
– Ongoing impacts from COVID-19 on different sectors of the economy—many of which are still adjusting years later.
For those starting careers in investing or financial product development, Cohen advises staying curious and always learning. The investment industry is evolving faster than ever, with new technologies and strategies reshaping how portfolios are built.
Finally, he reflects on how powerful compounding can be over time—a concept that’s easy to underestimate until you’ve seen it play out over decades. Whether managing personal wealth or designing products for others, understanding compounding is key to long-term success.
Keywords: BlackRock, Stephen Cohen, ETFs, iShares, fixed income ETFs, Bitcoin ETF, IBIT, private markets, digital assets, AI in finance, financial product development, portfolio construction, passive investing vs active investing, investment strategy, asset management trends, future of investing
DeepSnitch AI Emerges as Top Crypto Security Pick 2024
A Bitcoin investor has lost his entire retirement savings to a romance scam, also known as a “pig butchering” scam. Despite several warnings from a crypto advisor, he still went ahead and sent all his Bitcoin to a scammer. The scammer pretended to be a love interest, using fake AI-generated photos and promised to double the investor’s money through trading. After receiving the funds, the scammer admitted the photos were fake and disappeared.
This is not an isolated case. In 2024 alone, over $5.5 billion has been lost to romance scams, many of which use AI to create realistic fake identities. These scams are becoming harder to detect, and investors are now actively looking for crypto projects that focus on security.
One new crypto project making waves is DeepSnitch AI. It’s still in presale but already providing early investors with powerful AI tools designed to detect threats before they happen. The token price has jumped 88% from $0.01510 to $0.02846, raising over $814,000 and closing in on $1 million. With a possible 100x return, DeepSnitch AI is quickly becoming one of the top cryptos to invest in for 2024.
DeepSnitch AI offers AI-powered tools called “snitches” that help users spot scams, fake tokens, and sketchy smart contracts before they lose money. These tools are already available for early buyers and give regular traders the same kind of protection big institutions have.
Chainalysis now treats pig butchering scams as a national security issue. About 35% of these scams involve grooming victims over one to two weeks, while 10% stretch over three months. Scammers are patient and use trust-building tactics before stealing funds.
On the technical side, even established blockchains like Ethereum have had issues. A recent bug in Ethereum’s Prysm client dropped network participation to 75%, causing validators to lose over 382 ETH in rewards. While diversity in Ethereum clients helped avoid bigger problems, it shows how even top networks aren’t immune to risk.
Hackers are also targeting crypto sites using a known React vulnerability. These attacks plant wallet-draining code on legitimate websites, tricking users into approving harmful transactions through fake pop-ups offering rewards.
It’s clear now more than ever that strong crypto security tools are necessary—not optional.
DeepSnitch AI has already launched three out of its five AI agents. These bots watch the market for whale activity, scan for rug pull signs, monitor token sentiment shifts, and give users easy-to-understand risk reports on smart contracts.
Its Token Explorer feature lets users dive deep into any token with alerts, risk scores, and historical data—all in one place. The platform is interactive, meaning you can ask questions and get answers instead of clicking through endless dashboards.
With over $814K raised and a current presale price of $0.02846, DeepSnitch AI stands out as one of the best cryptos to invest in before 2026. It’s rare to find a project that offers real-time utility while still being early enough for big returns.
Looking at other major altcoins:
– **Chainlink (LINK)** is trading near $13 and trying to build momentum. If it breaks above $13.80, it could head towards $14.50 or higher by mid-January 2026. LINK has had about 47% green days recently but still sits in extreme fear territory. Most analysts see slow but steady growth unless there’s a major shift in the market.
– **Avalanche (AVAX)** is around $13.19 and continues building its reputation as a stablecoin settlement layer. Spark Protocol added a USDC vault on Avalanche, and over half the capacity was filled in just two days. Analysts expect AVAX to rise about 6% by January 2026. It’s a solid long-term project but not likely to deliver explosive short-term gains.
With billions lost to scams this year alone, it’s clear that investor protection is essential. Projects like Chainlink and Avalanche are solid but offer limited upside from their current prices. DeepSnitch AI brings active protection tools at an early price point—making it a standout pick for those looking for the next big crypto opportunity.
Buyers can get bonuses during presale: use code **DSNTVIP50** for a 50% bonus on purchases over $2,000 or **DSNTVIP100** for a 100% bonus on purchases above $5,000 until January 1st.
DeepSnitch AI combines powerful AI security tools with early-stage pricing, making it one of the most promising cryptos right now.
While Chainlink powers essential oracle services and Avalanche builds financial infrastructure, DeepSnitch AI directly helps traders stay safe and make smarter decisions in real time.
Use security tools like DeepSnitch AI’s AuditSnitch to verify smart contracts and never trust unsolicited messages asking for funds. Early investors are already using these tools—and once the full platform launches—they’ll likely be among the best on the market.
In a crypto world full of risks, DeepSnitch AI is giving power back to everyday traders—right when they need it most.
Bitwise Predicts Crypto Surge by 2026
**Bitwise Predicts Big Gains for Bitcoin, Ethereum, and Solana by 2026**
On December 16, Bitwise, a major asset management company, shared its top 10 predictions for the cryptocurrency market heading into 2026. According to the firm, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are expected to reach new all-time highs. Bitwise is optimistic about the long-term growth of these top digital assets.
Looking back at their predictions made in late 2024 for the year 2025, Bitwise had mixed results. Out of 10 major predictions, 3 came true, 4 were partly accurate, and 3 didn’t happen.
**Here’s a simple breakdown of Bitwise’s 2025 crypto predictions and how they played out:**
1. **Bitcoin, Ethereum, and Solana reach record highs; Bitcoin crosses $200K**
– *Partly true.* Only Bitcoin hit a new high. Ethereum and Solana didn’t.
2. **Bitcoin ETFs bring in more money in 2025 than in 2024**
– *Didn’t happen.* ETF inflows didn’t beat the previous year.
3. **Coinbase becomes the biggest brokerage firm, beating Charles Schwab; stock hits $700+**
– *Missed the mark.* Coinbase peaked at around $444.
4. **2025 becomes the “Year of Crypto IPOs”; at least 5 U.S. crypto startups go public**
– *Came true.* Over five crypto unicorns went public.
5. **AI-themed tokens spark a meme coin boom bigger than in 2024**
– *Partially true.* There was a surge in AI meme coins, but not larger than late 2024’s craze.
6. **Number of countries holding Bitcoin doubles**
– *Achieved.* Countries holding BTC grew from around 10 to more than 20.
7. **Coinbase joins the S&P 500; MicroStrategy added to Nasdaq 100**
– *Achieved.* These moves expanded crypto exposure to traditional investors.
8. **U.S. Labor Department eases 401(k) crypto rules; billions flow into crypto accounts**
– *Partially true.* Rules were relaxed, but inflows fell short of billions.
9. **U.S. passes stablecoin laws; total assets under management grow to $400B**
– *Partially true.* Legislation passed, but stablecoin AUM reached only around $310B.
10. **Wall Street adoption pushes tokenized real-world assets (RWA) over $500B**
– *Didn’t happen.* RWA value stayed between $240B and $300B.
**Bonus Long-Term Prediction:**
Bitwise believes that by 2029, Bitcoin could be more valuable than gold — surpassing the $18 trillion gold market cap. This would push BTC’s price above $1 million per coin.
**Keywords to note:** Bitcoin all-time high, Ethereum price prediction, Solana forecast, crypto ETF inflows, Coinbase stock outlook, crypto IPOs, AI tokens, meme coin surge, countries holding Bitcoin, stablecoin legislation, RWA tokenization, Bitcoin vs gold.
These insights offer a roadmap into where the crypto market could be heading as investors look toward 2026 and beyond.
Bitcoin May Hit Record High by 2026, Says Grayscale
**Bitcoin Set to Hit New All-Time High by 2026, Says Grayscale**
Bitcoin could reach a new record high by early 2026, according to investment firm Grayscale. The company believes that growing interest from big investors, high inflation, rising national debt, and clearer crypto rules in the U.S. are making digital assets more attractive than ever. This shift marks the beginning of a new phase where large financial institutions play a major role in the crypto space.
### Why Bitcoin Is Poised for Growth
Grayscale points to two major factors driving this growth: improved regulation and increasing investor confidence. With more clear laws around crypto, especially in the U.S., and more wealth managers and institutions getting involved, the flow of money into digital assets is rising. Public blockchains are also slowly becoming part of traditional finance systems, opening the door for wider adoption.
Crypto has come a long way. What started as a niche experiment has grown into a $3 trillion market with thousands of tokens. Bitcoin (BTC) and Ethereum (ETH) remain the top players due to their limited supply and use as alternatives to traditional money. As inflation and national debt continue to rise, investors are turning to these digital assets as safer long-term bets.
### Limited Supply Makes Bitcoin More Valuable
Bitcoin’s supply is capped at 21 million coins. By March 2026, the 20 millionth BTC will be mined, making the asset even more scarce. Currently, the annual issuance rate of new Bitcoin is below 1%, further reinforcing its appeal as a store of value.
Grayscale expects investors to treat Bitcoin and Ethereum as long-term holdings, not just quick trades. This strategic shift is being supported by regulatory improvements in the U.S. In 2024, courts approved spot Bitcoin and Ether exchange-traded products (ETPs), making it easier for investors to get exposure through traditional financial channels.
In 2025, stablecoin regulation progressed with the passing of the GENIUS Act. By 2026, full crypto legislation in the U.S. is expected to bring even more clarity, which could unlock further institutional investment. Already, global spot crypto ETPs have seen around $87 billion in inflows since January 2024.
### Institutions Are Now Driving the Market
Big names like Harvard Management Company and Abu Dhabi’s Mubadala have already entered the crypto space. Their involvement has changed how Bitcoin’s price behaves. Unlike past cycles that saw massive short-term gains, recent growth has been more steady—peaking at around 240% in March 2024 instead of previous 1,000%+ surges. This suggests more stable, long-term buying patterns.
Grayscale believes there’s now a much lower risk of a major crash like in past cycles. The traditional four-year halving cycle may no longer be the main driver of price movements. Instead, macroeconomic factors and institutional flows are becoming more important.
### Macro Trends Support Crypto Investment
Interest rate cuts by the Federal Reserve in 2025 have made borrowing cheaper, which tends to support riskier investments like crypto. If more rate cuts follow, especially under a new Fed chair possibly appointed by Trump, it could further fuel crypto growth.
Grayscale has identified ten key trends expected to shape the digital asset market in 2026:
– Weakening value of the U.S. dollar (dollar debasement)
– Clearer crypto regulations
– Growth in stablecoins
– Tokenization of real-world assets
– Integration of AI with blockchain
– Faster decentralized finance (DeFi) lending
– Next-generation blockchain infrastructure
– Stronger privacy tools
– Default staking features
– Tokens with real utility and revenue potential
While quantum computing is a future concern for crypto security, it’s unlikely to impact prices in 2026. Also, large crypto treasuries holding Bitcoin, Ethereum, or Solana aren’t expected to trigger major sell-offs or sudden demand spikes next year.
### The Road Ahead
Less than 0.5% of U.S.-advised wealth is currently invested in crypto, which means there’s still plenty of room for growth as institutions slowly increase their exposure. Grayscale sees 2026 as a turning point—the beginning of crypto’s institutional era. This new phase will focus on steady investment flows, regulatory clarity, and macroeconomic hedging strategies.
In this environment, reaching new all-time highs for Bitcoin is no longer just a hopeful prediction—it’s becoming an expected milestone.
**Key Takeaways:**
– **Bitcoin could hit a new all-time high by early 2026**
– **Institutional adoption and regulatory clarity are driving growth**
– **Macro trends like inflation and rate cuts support long-term investment**
– **Crypto is entering a more mature phase with steady growth expected**
Litecoin Meta 2025: A New Web3 Era Begins
**2025: The Year of the “Litecoin Meta” – A New Era for Litecoin Begins**
2025 has been a game-changing year for Litecoin. It’s not just a payment coin anymore—it’s becoming a full-on Web3 platform. With growing adoption, support from big institutions, and new tech like Layer-2 smart contracts, Litecoin is stepping into a much bigger role in the crypto world. This transformation is being led by LitVM, the first Ethereum-compatible Layer-2 built on Litecoin, which is opening new doors for developers and users alike.
### What is “Litecoin Meta”?
The term “Litecoin Meta” describes the shift in how people see and use Litecoin. It’s no longer just “digital silver.” Now, it’s also a secure, fast, and low-cost blockchain that supports smart contracts, real-world assets (RWAs), AI tools, and decentralized finance (DeFi). This evolution is creating new ways for people to build and earn within the Litecoin ecosystem.
### Major Growth in 2025
Litecoin hit over 360 million lifetime transactions in 2025—adding 60 million in just one year. That’s a record! These numbers prove that Litecoin remains one of the most used blockchains globally. Its low fees and reliable performance are attracting more users and businesses every day.
### Big Companies Are Buying In
This year, public companies like Luxxfolio and Lite Strategy, Inc. (formerly MEI Pharma) started holding Litecoin as a reserve asset. Why? Because it’s secure, has been around for years, and is easier to regulate compared to other cryptocurrencies. This shows that institutions now see Litecoin as more than just a basic coin—it’s a serious financial tool.
### New Tech Powers Litecoin Forward
At the 2025 Litecoin Summit, developers showed off big improvements like the new Nexus Wallet and better privacy features. But the biggest leap came from Layer-2 innovation. LitVM is leading the way by making it possible to run Ethereum-style smart contracts on Litecoin. This means developers can now build DeFi apps, tokenized assets, and cross-chain tools—all on top of Litecoin’s strong base.
### More Security Than Ever
Litecoin’s network is now more secure than ever thanks to record-high hashrate growth. More miners are helping secure the blockchain, making it one of the safest proof-of-work networks out there. This added security supports bigger applications and projects being built on top.
### First U.S. Spot Litecoin ETF Launches
In October 2025, Canary Capital launched the first U.S. spot Litecoin ETF. That’s a huge deal. While Bitcoin and Ethereum struggled with regulation issues, Litecoin’s simpler design and long history helped it pass the test. The ETF gives investors a clear way to gain exposure to LTC without dealing with wallets or exchanges.
### What’s Next? LitVM Testnet Coming in 2026
LitVM is getting ready to launch its testnet in early 2026. This will let developers start building smart contracts on Litecoin using familiar tools from Ethereum. They’ll also be able to test zero-knowledge (ZK) apps and rollups, which are key for scaling.
LitVM aims to turn Litecoin into a full Web3 platform—complete with DeFi apps, real-world assets backed by LTC, AI-powered tools, and more. The goal? To create what they call “Sound Money Web3,” where Litecoin is both a store of value and a programmable platform.
### Key Highlights of the “Litecoin Meta”:
– High-speed, low-cost blockchain with proven reliability
– Institutional trust as a long-term reserve asset
– Advanced privacy tools and user-friendly wallets
– Scalable Layer-2 support for DeFi, NFTs, cross-chain apps
– A secure base layer thanks to increased mining activity
### Get Involved
Developers and projects interested in joining the upcoming LitVM testnet can visit [https://litvm.com](https://litvm.com) or follow @LitecoinVM on Twitter for updates.
### About LitVM
LitVM is the first ZK Omnichain Layer-2 built for Litecoin. It connects Litecoin with Ethereum smart contract capabilities using Polygon CDK and BitcoinOS tech. With features like trustless bridging, cross-chain liquidity, and composable apps, LitVM turns Litecoin into a full Web3 ecosystem.
### About Lunar Digital Assets
Lunar Digital Assets is a full-service blockchain venture studio. They help Web3 projects grow by offering marketing, public relations, business development, and incubation support. They’ve worked with major names like Polygon and QuickSwap to bring new ideas to life in the crypto world.
To learn more about Lunar Digital Assets, visit [https://www.lunardigitalassets.io](https://www.lunardigitalassets.io).