Financial Advisors See Strong Interest in Crypto – 90% Receive Crypto Investing Inquiries, Survey Finds – Featured Bitcoin News

A new survey shows that interest in cryptocurrency remains strong among clients of financial advisors. “Despite the market performance, the most common question was, ‘Should I consider investing in crypto?’, the survey results reveal.

Financial Advisors Bullish About Long-Term Crypto

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

The survey was conducted between November 25, 2022 and January 6, 2023, with the participation of 491 financial advisers, including independent registered investment advisers, representatives of brokers, financial planners and representatives of wire houses of all over the United States. survey results:

Despite the sharp market correction of 2022, financial advisors remain highly engaged in the crypto markets, with 15% allocation in client accounts and 90% receiving incoming questions from clients on the space.

“The survey serves as a reminder that crypto is one of the best business development opportunities in the financial advisor market,” said Matt Hougan, Chief Investment Officer of Bitwise.

The majority of respondents are bullish about bitcoin in the long term but bearish this year, with 63% expecting BTC fall in 2023 while 60% think it will be higher in five years. “While advisor interest in bitcoin (41%) was roughly double that of Ethereum (20%), their optimism towards the two biggest crypto assets was almost evenly split,” Bitwise described, adding that 53% were in favor. BTC while 47% preferred ETH.

Reiterating that client interest in crypto “remains strong” as 90% of financial advisors “received a question about crypto from clients in the past year,” the report details:

Despite the market’s performance, the most common question was, “Should I consider investing in crypto?” »

“Despite market volatility, 78% of advisors who currently have an allocation in client accounts plan to maintain or increase that exposure in 2023,” the survey also found. Of the respondents, 59% said that “some” or “all” of their clients invest in crypto themselves.

Additionally, “Crypto Equity ETFs” were financial advisors’ top crypto investment choice for 2023. The U.S. Securities and Exchange Commission (SEC) has approved several bitcoin futures ETFs, but has not not yet approved a spot bitcoin ETF.

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

Advisors and their end clients continue to want to learn more about crypto investments despite the volatility incurred in 2022. For those focused on the long term, interest remains high.

What do you think of this survey? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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