Bob Elliott, the former head of Ray Dalio’s investment team at Bridgewater Associates, has said that institutional investors will still need time to warm to bitcoin despite landmark spot ETF approvals in the US.

“Bitcoin is likely to remain a speculative asset for the foreseeable future,” he told Financial News. “It is possible it is increasingly considered an alternative currency like gold, but for many investors, particularly institutional investors, it will likely take significant time to gain confidence in its role as an investment asset.”