A new survey shows that interest in cryptocurrencies remains strong among clients of financial advisers. “Despite the market’s performance, the most common question was: ‘Should I consider an investment in cryptocurrency?'” the survey results reveal.
Long-Term Crypto Bullish Financial Advisors
Crypto asset manager Bitwise Asset Management published 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, broker-dealer representatives, financial planners, and exchange house representatives from all over the world. USA According to the survey results:
Despite the strong 2022 market correction, financial advisors remain highly engaged in crypto markets, with 15% allocating into client accounts and 90% receiving incoming client questions about the space.
“The survey is a reminder that cryptocurrencies are one of the best business development opportunities in the financial advisor market,” said Bitwise chief investment officer Matt Hougan.
Most respondents are bullish on bitcoin in the long term, but bearish this year, with 63% expecting BTC it will fall in 2023 while 60% believe it will be higher in five years. “While advisors’ interest in bitcoin (41%) was roughly double that of ethereum (20%), their optimism toward the two largest crypto assets was almost evenly split,” Bitwise described, adding that 53% was in favor BTC while 47% preferred ETH.
Reiterating that client interest in cryptocurrency “remains strong” as 90% of financial advisors “received a cryptocurrency question from clients last year,” the report details:
Despite the market’s performance, the most common question was: “Should I consider an investment 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 further found. Among those surveyed, 59% said that “some” or “all” of their clients were investing in cryptocurrency on their own.
Additionally, “Crypto Equity ETFs” were the top crypto investment choice of financial advisors for 2023. The US Securities and Exchange Commission (SEC) has approved several bitcoin futures ETFs, but has yet to to approve a spot bitcoin ETF.
Vettafi’s head of research, Todd Rosenbluth, commented:
Advisors and their end clients continue to want to learn more about cryptocurrency investing despite the volatility incurred in 2022. For those with a long-term focus, interest remains high.
What do you think of this survey? Let us know in the comments section.
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