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Cryptocurrency News Articles
Advisors' Personal Crypto Investments Are Growing, Which May Boost Client Allocations
Sep 25, 2024 at 08:27 pm
As per Bitwise CIO Matt Hougan, more and more leading US financial advisors are now investing in cryptocurrencies in their own capacity.
Financial advisors in the United States are increasingly making personal investments in cryptocurrencies, with 70% of those attending the Barron’s Advisor 100 Summit now owning cryptocurrency.
This marks a significant shift compared to previous years, when only 10-20% of advisors owned cryptocurrency. The summit, held in Palm Beach, Florida, brings together the top financial advisors in the country.
According to Bitwise CIO Matt Hougan, this trend is linked to the recent launch of several spot Bitcoin exchange-traded funds (ETFs), including Bitwise’s BITB. Hougan highlighted this development in his keynote address, observing that more financial professionals are now engaging with cryptocurrencies.
While a majority of advisors have yet to include crypto-assets in client portfolios, this personal investment behavior suggests that crypto will likely be included in client portfolios soon.
Most advisors work for broker-dealers that do not yet allow the purchase of spot Bitcoin ETFs. However, Hougan noted that advisors typically make investments in their own accounts before recommending those strategies to clients.
Historically, financial advisors have lagged personal investments in client accounts by six to twelve months.
This implies that crypto will soon occupy more significant portions of client portfolios. New and ongoing regulation may speed up this shift.
This shift is also being driven by the entry of institutional players, such as Morgan Stanley, into the crypto space. Among the positive factors Hougan mentioned were the Federal Reserve’s decision to cut interest rates and the SEC’s approval of options on BlackRock’s Bitcoin ETF.
These developments indicate increasing demand for cryptocurrency investment products from institutional investors.
As more financial institutions join the crypto ecosystem, the obstacles to customer onboarding might even decrease. Advisors’ personal experience with cryptocurrency is bound to influence their future recommendations to clients.
This shift within the financial professional community will likely see digital assets being integrated into the broader financial services offering in the near future.
According to Hougan, as financial advisors gain more exposure to crypto, they will adjust their allocations to clients. Advisors who invest in Bitcoin, for instance, will gain some experience with the asset class, which may reduce their hesitance to suggest it to their clients.
This personal use of the crypto asset-class is set to boost the overall market uptake in the coming months. Hougan describes this as a new phase and key moment, with financial specialists slowly adapting to digital assets.
As more significant entities join the market, and the number of regulatory approvals rises, the climate seems to be becoming more favorable for crypto investment
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