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US Financial Advisors’ Appetite for Bitcoin Grows: Nasdaq Survey

Cryptocurrency Apr 14, 2022 04:00AM ET
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US Financial Advisors’ Appetite for Bitcoin Grows: Nasdaq Survey
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  • The study revealed that a qualified majority of these professionals want to increase their exposure to Bitcoin, if the US government approves cryptocurrency derivatives.
  • A revealing fact in this new survey of some 500 financial advisors is that investments in digital assets are a growing phenomenon, regardless of the fact that even cash ETFs have not been approved.

A study carried out by Nasdaq in which some 500 financial advisors participated, showed that almost 3 out of four of these professionals want to increase their investments in Bitcoin and other crypto assets, if the US government approves an ETF (exchange-traded fund) cryptocurrency spot.

72% of the financial advisors surveyed said they were won over by the idea of ​​increasing their exposure to BTC derivatives, according to the press release sent by Nasdaq to Bitcoin Magazine, which provides details of the results of the study.

The study also revealed that less than 9% of advisors surveyed were confident in their ability to provide expert-level advice to their clients on crypto investments. Despite the fact that all responded that they are already investing in Bitcoin or about to do so.

This shows that there is still a huge educational gap regarding the crypto industry among most financial advisors. The study of the automated and electronic New York Stock Exchange indicates that there is still much to learn about the new monetary system based on the blockchain.

Exposure to digital assets grows

Nasdaq Digital Asset Index Research Head Jake Rapaport commented that “Over the last decade, financial advisors have been focused on shifting assets into index funds,” the statement noted. “As they incorporate digital assets into their investment strategies, they are expressing strong interest in a similar vehicle that can offer broad asset class exposure for their clients,” he added. This new study only confirms what has already been observed in the cryptocurrency markets. Interest in Bitcoin and other cryptocurrencies continues to grow. Along with retail and institutional financial advisors, financial companies in general, including banks, have come to accept this asset class.

Another study conducted in January by cryptocurrency manager Bitwise found that finance professionals working with BTC and other digital products had risen to 15%, up six points from 2020 when the figure was 9%.

On the other hand, according to the Nasdaq survey, 86% of financial advisors working with cryptocurrencies plan to increase their allocations this year. While none of those consulted said they were thinking of reducing their digital product portfolios.

Likewise, 50% of these professionals already use bitcoin-based ETF futures, while an additional 28% said they plan to do so in the next 12 months.

On The Flipside

  • Although the Nasdaq sample is revealing about what is happening in the traditional financial sector, it is not to say that it represents the opinion of all US financial advisers.
  • What the results of the study indicate is that, undoubtedly, those who enter the crypto financial space immediately grasp the importance of crypto investments.

Still 7% of advisors surveyed are unsure about the success of spot Bitcoin ETFs this year. Another 38% do believe in the prospects of success of these products, but 31% consider that they will be a failure and the remaining 24% do not know and have no opinion.

Although mistrust is still high regarding the possible approval of a cash ETF, the revealing fact of the study is that the number of financial advisers who bet on this type of product is growing.

They want to seize the moment and gain an advantage over those who are still hesitant to embrace bitcoin investments waiting for a spot ETF.

Doubts about capabilities but everyone wants to learn

Of the total universe of financial professionals surveyed, the survey found that Registered Investment Advisors (RIAs) represent 34% of the user base. On the other hand, 19% correspond to independent stockbrokers while 17% are advisers to brokerage houses.

Just 7% of the advisors surveyed said they were guided by environmental, social and governance (ESG) criteria when deciding on an investment strategy in the crypto industry.

Another 10% said they felt well informed about cryptocurrencies, but only 9% said they felt fully confident in their ability to provide advice in this field.

A revealing fact is that almost all of the respondents (98%) said that they will continue to educate themselves on the cryptographic space to have a deeper knowledge of Bitcoin and other cryptocurrencies.

Why You Should Care

  • One of the most important takeaways from the study is that this year the majority of advisors surveyed plan “to begin allocating to crypto or increase their existing allocation to crypto,” Rapaport commented.
"As demand continues to surge, advisors will be looking for an institutional solution to the crypto question that now dominates client conversations," the Nasdaq executive added.

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US Financial Advisors’ Appetite for Bitcoin Grows: Nasdaq Survey

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