- 88% of U.S. financial advisors intend to invest in Bitcoin (BTC) after the approval of spot Bitcoin ETFs.
- Only 39% of advisors anticipate the approval of a spot Bitcoin ETF in 2024.
- Spot Bitcoin ETF approval is seen as a catalyst for increased crypto adoption in client portfolios.
Amid the anticipations of a Bitcoin spot ETF approval, several financial advisors interested in Bitcoin (BTC) across the United States expressed a cautious stance in the crypto market. A recent survey shows that 88% of advisors intend to invest in BTC, but only after the approval of spot Bitcoin exchange-traded funds (ETFs).
The sixth annual “Bitwise/VettaFi 2024 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” revealed that despite the growing enthusiasm for cryptocurrencies among clients, a significant number of financial advisors remain cautious.
Notably, only 39% of advisors anticipate the approval of a spot Bitcoin ETF in 2024. This is in stark contrast to the bullish sentiment of ETF analysts who estimate a 90% likelihood of approval in January. James Seyffart, for instance, expects Bitcoin ETF approvals by January 8-10.
The approval of a spot Bitcoin ETF is seen by many as a potential catalyst that could open the floodgates for increased crypto adoption in client portfolios. In a recent episode of “Good Morning Crypto,” Fox Business correspondent Eleanor Terrett emphasized that the approval of these ETFs would bring reassurance to those who previously viewed Bitcoin as a purely “speculative asset.”
Not only will it be easier to gain exposure after approval, but the nod from the @SECGov and institutional Wall Street firms should instill more confidence, Terrett added.
The survey also highlighted that access to crypto remains limited for advisors, with only 19% reporting the ability to buy crypto in client accounts. However, once invested, advisors tend to stay committed, with 98% of those currently allocating to crypto planning to maintain or increase their exposure in 2024.
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