Amid the growing value of cryptocurrencies and endorsement by mainstream financial players, the number of financial planners investing in crypto assets has grown two-fold, according a survey by Bitwise Asset Management.
This is likely to pick up given Bitcoin's recent flirtation with a $42,000 value, the highest on record since the currency was released.
Canvassing for opinion with 1,000 financial advisors in the US, Bitwise found out that of those not investing in cryptocurrencies yet, 15% confirmed that they most likely would in 2021.
Financial planners do seem keen to invest their funds in cryptocurrencies, though, with 24% saying that they would definitely consider doing so. Most advisors reported that “uncorrelated returns” would be one of the key drivers for their decision to put money in crypto.
However, Bitwise cautions that despite the increase in advisors willing to put their wealth in these vessels, it's still very early for the financial world to start storing wealth in cryptocurrencies en masse.
ETF Trends CEO Tom Lydon said: “Financial advisors are increasingly looking for exposure to alternative assets, and interest in crypto is rising.”
While investors may appear a little conflicted about the potential of cryptocurrencies, consumers have been using them recreationally to power their gaming sessions in crypto casinos.
Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.