A new survey shows that interest in cryptocurrencies remains strong among financial advisor clients.” Despite the market’s performance, the most common question asked was “Should I consider investing in crypto?” The survey results revealed.
financial advisors are bullish on crypto for the long term
crypto asset manager Bitwise Asset Management released a report titled “Bitwise/Vettafi 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” on 2 The report is titled “Bitwise/Vettafi 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets. This is the fifth annual survey conducted by Bitwise 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 advisors, including independent registered investment advisors, broker-dealer representatives, financial planners, and wirehouse representatives from across the United States, according to the
Despite the sharp market correction in 2022, financial advisors remain highly interested in the crypto market, with 15% allocating to client accounts and 90% receiving inbound questions from clients about the sector.
“This survey is a reminder that crypto is one of the best business development opportunities in the financial advisor market,” said Matt Hougan, Chief Investment Officer at Bitwise.
The majority of respondents are bullish on Bitcoin in the long term, but are bearish this year, with 63% expectingBTCto fall in 2023, while 60% believe it will rise in five years.” Advisors’ interest in Bitcoin (41%) was nearly double that of Ethereum (20%), but their bullishness on the two largest crypto assets was almost evenly split,” Bitwise explained, adding that 53% favored, while 47% favored BTC, 47% favoredfavored ETH.
90% of financial advisors reiterated that client interest in crypto “remains strong,” as they “received questions about crypto from clients in the last year,” the report detailed.
Despite market performance, the most common question asked was “Should I consider investing in crypto?”
“Despite market volatility, 78% of advisors who currently have allocations in client accounts plan to maintain or increase their exposure in 2023,” the survey additionally found. Of the respondents, 59% said “some” or “all” of their clients are investing in crypto themselves.
Additionally, “crypto stock ETFs” were the top crypto investment choice of financial advisors in 2023. The U.S. Securities and Exchange Commission (SEC) has approved several bitcoin futures ETFs, but has yet to approve a spot bitcoin ETF.
Todd Rosenbluth, head of research at Betafi, commented:
Advisors and their end-clients continue to want to learn more about crypto investing despite the volatility that occurred in 2022. For those with a long-term perspective, interest