Jamie Dimon dismisses it as nothing more than a “pet rock.” Charlie Munger, the late longtime associate of Warren Buffett, labels it “massively stupid.”

According to US Senator Elizabeth Warren, it’s a perfect tool for terrorists, drug dealers, and fraudsters.

However, one undeniable fact about Bitcoin is that it’s not disappearing any time soon.

Despite initial widespread resistance on Wall Street, the cryptocurrency’s recent surge to astonishing levels—$40,000, then $50,000, and soon after, $60,000—has convinced many observers that the persistent and robust demand from diverse individuals, irrespective of age or wealth, is strong enough to prevent Bitcoin from collapsing as a foundational asset class.

Even the rapid increase in US interest rates, traditionally viewed as a potential threat to Bitcoin, failed to dampen the ongoing enthusiasm for the cryptocurrency.

The persistent and growing demand for Bitcoin has presented the investment industry with a pressing dilemma, Bloomberg reported.

Established giants can choose to maintain their stance of avoiding the notoriously volatile and controversy-ridden asset, even as it is presented in a new regulatory-friendly ETF format.

This cautious approach is being adopted by Vanguard, known for its conservative outlook.

Alternatively, financial institutions can opt to cater to the desires of their clients, overlooking the extensive list of associated risks.

Bank of America’s Merrill Lynch and Wells Fargo & Co. are among the recent entities taking this route, providing certain brokerage clients with access to new Bitcoin exchange-traded funds, albeit without endorsing them for recommendation by their advisers.

Written by B.C. Begley