A recent poll highlighted the opinions of US-based financial advisors about the volatile market, including whether they believe it is prudent to deploy client funds to cryptocurrency.
Bitwise, a major supplier of crypto index funds, and ETF Trends, recently revealed the results of their fourth joint poll of financial advisor views about crypto.
Financial advisers, who control about half of all wealth in the United States, are growing positive on cryptocurrency.
The poll included 600 financial advisors who responded to a series of questions on cryptocurrency assets and their use in client portfolios.
The findings indicate that advisor participation in the market is increasing, as the percentage of advisors allocating to cryptocurrency in client accounts climbed significantly–from 6% in 2019, to 9% in 2020, to 15% in 2021.
An extra 14% of advisers indicated they will “probably” or “definitely” allocate in 2022, according to the research.
Meanwhile, advisers who now report an allocation in client accounts want to “maintain” (42%) or “increase” (58%) such exposure in 2022.
However, 80% of advisers that allocate to crypto in client accounts reported keeping crypto in portfolios at a weight of 5% or less.
This year’s poll asked respondents about their top sources of crypto knowledge in order to understand more about how financial advisers are learning about the new industry.
Approximately the same number (46%) reported acquiring their education from crypto firms as from traditional media (47% ). Simultaneously, social media emerged as having less influence, with 29% of advisers citing it as an educational resource.
Retail investors’ interest for exposure is certainly growing, as 94% of advisers reported getting queries regarding cryptocurrency from customers in 2021, up from 81% and 76% in 2019.
However, according to the survey, the majority of clients did not ask their advisers about cryptocurrency in 2021, with just 6% of advisors getting queries from the bulk of their clients.
Meanwhile, in 2022, at least two-thirds of clients (67%) invested in cryptocurrency on their own, up from 36% and 35% in the preceding two years.
Furthermore 47% of all advisers reported having crypto assets in their own portfolios, a significant rise from the previous year’s rate of 24%.
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