A new survey by Bitwise has some juicy insights, because more than half of U.S. wealth advisors are feeling a lot more enthusiastic about investing in cryptocurrency following Donald Trump’s presidential victory.
The survey says…
Between November 14 and December 20, Bitwise surveyed 430 financial advisors, and guess what?
56% of them said they’re now more likely to dip their toes into the crypto waters this year thanks to the election results from November 5. It seems Trump’s pro-crypto vibes are making quite the impression.
Jack Mallers, the CEO of Strike, even hinted that Trump might kick things off with an executive order on his first day in office, potentially designating Bitcoin as a U.S. reserve asset. It’s quite unlikely, but there’s a chance.
Let’s rock
For those advisors already in the crypto market, nearly all of them, 99%, to be exact, plan to either maintain or increase their crypto investments this year.
And clients are pretty interested in it too, as many advisors reported that their clients have been asking more and more questions about crypto lately.
“Advisors are awakening to crypto’s potential like never before and allocating like never before.”
Interestingly, 71% of advisors noted that their clients are investing in crypto on their own. This trend presents a golden opportunity for advisors looking to help clients weave crypto into their private financial plans.
Where’s the catch?
The bad news is access to crypto remains a major hurdle for many advisors, and only 35% reported being able to buy crypto for their clients’ accounts. So while interest is growing, actual participation is still lagging behind.
Bitcoin has had its ups and downs lately, dropping to $92,500 on January 8 after briefly hitting $100,000 just the day before.
And speaking of Bitcoin, U.S.-based entities are hoarding it like there’s no tomorrow! As of January 9, they hold 65% more Bitcoin than non-U.S. entities.
