The majority of financial advisors believe that Bitcoin will increase in price over the next half-decade.
This finding comes from a Bitwise Asset Management’s and ETF Trend’s inaugural “Bitwise/ETF Trends Survey of Financial Advisor Attitudes Towards Cryptoassets,” which surveyed more than 150 financial advisors — including independent broker-dealer reps, financial planners, and wirehouse reps — last month.
As reported in a press release, cryptocurrencies and cryptoassets are very firmly (and unsurprisingly) on the investment radar. Nearly 80 percent of all respondents claim to have received inquiries about cryptocurrencies from clients, while 22 percent plan to either enter the cryptocurrency-investment space for the first time or increase their current allocations.
On the lower end of the scale, less than 10 percent of the advisors polled currently manage a crypto allocation. However, 55 percent of the advisors surveyed believe Bitcoin (BTC) will increase in value over the next half-decade — with the average price target being $17,571 on Dec 2023.
The main takeaway from the report is that interest in cryptocurrency investing from financial advisors has thrived, despite a brutal bear market which has undoubtedly shaken out many retail investors. Bitwise Asset Management’s Global Head of Research, Matt Hougan, stated:
After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisors not only survived, but grew. There are clear reasons why: Advisors tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway.
Tom Lydon, ETF Trends’ Founder and Editor, likewise explained: