Financial Advisors See Strong Interest in Crypto — 90% Receive Inquiries About Crypto Investing, Survey Shows

A brand new survey reveals that curiosity in cryptocurrency stays sturdy amongst monetary advisors’ shoppers. “Despite market efficiency, the commonest query was: ‘Should I contemplate an funding in crypto?’” the survey outcomes reveal.

Financial Advisors Bullish About Crypto Long Term

Crypto asset supervisor Bitwise Asset Management printed a report titled “Bitwise/Vettafi 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” on Tuesday. This is Bitwise’s fifth annual research carried out in collaboration with Vettafi, an exchange-traded fund (ETF) platform.

The survey was carried out between Nov. 25, 2022, and Jan. 6, 2023, with the participation of 491 monetary advisors, together with unbiased registered funding advisors, broker-dealer representatives, monetary planners, and wirehouse representatives from throughout the U.S. According to the survey findings:

Despite the sharp market correction of 2022, monetary advisors stay extremely engaged in crypto markets, with 15% allocating in consumer accounts and 90% receiving inbound questions from shoppers concerning the house.

“The survey is a reminder that crypto is likely one of the finest enterprise improvement alternatives within the monetary advisor market,” mentioned Bitwise’s chief funding officer, Matt Hougan.

The majority of respondents are bullish about bitcoin in the long run however bearish this 12 months, with 63% anticipating BTC to fall in 2023 whereas 60% consider it is going to be greater in 5 years. “While advisors’ curiosity in bitcoin (41%) was roughly twice that of ethereum (20%), their bullishness towards the 2 largest crypto property was nearly evenly break up,” Bitwise described, including that 53% favored BTC whereas 47% most well-liked ETH.

Reiterating that consumer curiosity in crypto “stays sturdy” as 90% of economic advisors “obtained a query about crypto from shoppers final 12 months,” the report particulars:

Despite market efficiency, the commonest query was: ‘Should I contemplate an funding in crypto?’

“Despite market volatility, 78% of advisors who presently have an allocation in consumer accounts plan to both keep or improve that publicity in 2023,” the survey moreover discovered. Among respondents, 59% mentioned “some” or “all” of their shoppers have been investing in crypto on their very own.

Moreover, “crypto fairness ETFs” have been monetary advisors’ prime crypto funding alternative for 2023. The U.S. Securities and Exchange Commission (SEC) has authorised a number of bitcoin futures ETFs however has but to approve a spot bitcoin ETF.

Vettafi’s head of analysis, Todd Rosenbluth, commented:

Advisors and their finish shoppers proceed to need to be taught extra about crypto investments regardless of the volatility incurred in 2022. For these with a long-term focus, curiosity stays excessive.

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