The head of a leading South African investment firm has raised concerns over what she considers excessive enthusiasm surrounding bitcoin ( BTC), the world’s largest cryptocurrency. Magda Wierzycka, CEO of Sygnia—which recently introduced a fund tracking Blackrock’s iShares Bitcoin Trust ETF (IBIT)—maintains that bitcoin is overvalued and should represent only a small portion of any investment portfolio.

In a recent interview with Bloomberg TV, Wierzycka emphasized that her firm actively discourages investors from allocating a significant share of their savings to cryptocurrencies.

“We actually intervene with a view of stopping the investor from doing something silly by switching,” she said, referencing Sygnia’s hands-on approach to preventing clients from shifting all their assets into the high-risk fund.

Sygnia, which oversees $20 billion in assets, launched its IBIT-linked ETF in June. At the time, the firm cautioned investors about the inherent volatility of cryptocurrencies and the risks associated with losing or compromising private keys. Although Wierzycka acknowledged that the fund has seen “very, very significant” inflows, she reaffirmed Sygnia’s stance, advising investors to limit their crypto exposure to no more than 5% of living annuity or discretionary assets.

“The underlying asset is highly volatile,” Wierzycka noted. “You need to be very sure about the messaging around it and you need to be sure that you don’t make promises that you can’t meet.”

Despite bitcoin’s 82% surge over the past year, it remains vulnerable to sharp corrections—its recent drop to just under $112,000 serving as a stark reminder. Wierzycka, who was once skeptical of bitcoin’s long-term potential, now sees it as a “long-term play” rather than a purely speculative asset. Still, she continues to prioritize investor protection above all.

Looking ahead, Sygnia intends to roll out additional crypto ETFs on the Johannesburg Stock Exchange, pending regulatory clearance.

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