A significant number of American financial advisors, as revealed in a survey conducted by Bitwise, have expressed a growing interest in cryptocurrency investments following the victory of Donald Trump in the U.S. Presidential election.
In a recent study carried out by Bitwise between November 14 and December 20, 430 financial advisors were questioned about their views on cryptocurrency. Interestingly, approximately 56% of them expressed a greater likelihood to invest in crypto this year, following the US election results on November 5.
Many people in the cryptocurrency field are hoping that Donald Trump might guide the United States towards a more welcoming stance on crypto during his tenure. Jack Mallers, the founder and CEO of Strike, speculates that Trump could use an executive order on his inauguration day to classify Bitcoin (BTC) as a U.S. reserve asset.
Almost all (approximately 99%) financial advisors who are currently invested in cryptocurrencies intend to continue or boost their involvement in crypto assets this year. Additionally, a comparable number of financial advisors have noticed an increase in client inquiries regarding cryptocurrency during the last twelve months.
Bitwise chief investment officer Matt Hougan said:
“Advisors are awakening to crypto’s potential like never before and allocating like never before.”
Approximately 71% of financial advisors shared that their clients are currently investing in cryptocurrencies on their own. These advisors view this trend as an opportunity for potential future expansion.
As an analyst, I find that these untapped digital assets symbolize a substantial business prospect for advisors who aim to assist clients in incorporating cryptocurrencies within their comprehensive wealth management strategies. According to Bitwise, this is the case.
Access is still a “major barrier” to crypto adoption
However, Bitwise said that access “remains a major barrier to adoption.”
“Only 35% of advisers said they are able to buy crypto in client accounts,” Bitwise said.
Recently, Bitcoin‘s value has shown significant fluctuations, dipping to around $92,500 on January 8, following a brief surge that took it above the symbolic $100,000 mark for the first time since December 19 on January 7.
In contrast, the amount of Bitcoin stored by American entities is increasing considerably more than it is overseas.
As of January 9th, the proportion of Bitcoin reserves held by American entities has hit a new record high. This figure is 65% higher compared to the reserves held by entities outside of the US, according to data from CryptoQuant.
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2025-01-10 05:53